BBN: Muni CEFs Not Immune To Risk-Off Sentiment [Seeking Alpha]
BlackRock Taxable Municipal Bond Trust Common Shares of Beneficial Interest (BBN)
US:NYSE Investor Relations:
blackrock.com/investing/products/240174/blackrock-build-america-bond-trust-fund
Company Research
Source: Seeking Alpha
Summary The last few days of the trading week saw a sharp underperformance in muni CEFs. While we don't know the exact source of this price performance, we suspect it has to do with a rebalancing towards weaker CEF sectors. We find the taxable muni sector attractive on a number of valuation metrics. Within the sector, we particularly like BBN for its attractive yield, coverage and historic returns. Moves across CEF sectors have been fast, brutal and somewhat counter-intuitive. Despite boasting positive and best NAV performance over the week, the taxable muni sector has seen its discount widen the most. In our view, the sector offers good value for both tactical and strategic reasons. We particularly like the BlackRock Taxable Municipal Bond Trust ( Benchmarking The Moves In Discounts In the chart below we plot how the CEF sector discounts have moved over the previous week, highlighting the tax-free and taxable muni CEF sectors. For each sector, we baseline the discount at zero as of t
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Sec Filings
- 11/26/24 - Form NPORT-P
- 11/6/24 - Form SC
- 10/30/24 - Form 4
- BBN's page on the SEC website