A Leverage Check-Up Of PIMCO Muni CEFs [Seeking Alpha]
Nuveen Municipal High Income Opportunity Fund, $0.01 par value, per share (NMZ)
NASDAQ:AMEX Investor Relations:
nuveen.com/cef/product/overview.aspx?fundcode=nmz
Company Research
Source: Seeking Alpha
SummaryWe estimate changes in outstanding leverage for three PIMCO national muni funds: , , and .We estimate that all three funds cut their borrowings in the range of 16-18% with reductions all coming from TOB positions.Overall, the funds continue boasting leverage at the very high end of the sector, providing attractive upside beta to investors with constructive views.Our own preference is for , which maintains a slightly higher covered yield.A few days ago, wediscussedAll three funds appear to have cut their outstanding leverage by 16-18% with all the cuts coming from tender option bond positions. This should pressure earnings somewhat due to the drop in total assets. However, it will be partially offset by a drop in leverage costs due to lower short-term rates. Overall, however, these funds boast leverage at the very high end of the sector, and now that discounts have come down significantly, they remain attractive options for investors with constructive market views. Our own prefe
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Sec Filings
- 10/31/24 - Form 424B3
- 10/28/24 - Form N-23C-2
- 9/25/24 - Form NPORT-P
- NMZ's page on the SEC website