Assessing What's Going On With Senior Loan CEFs [Seeking Alpha]
Nuveen Floating Rate Income Fund (JFR)
US:NYSE Investor Relations:
nuveen.com/cef/product/overview.aspx?fundcode=jfr
Company Research
Source: Seeking Alpha
Assessing What's Going On With Senior Loan CEFs Summary Senior loan CEFs dominate the D x Y x Z lists. What's going on with senior loan CEFs? Remember: valuation matters when buying CEFs. Note: This note was first released to members 1 month ago. In this month's "High-High-Low" CEF report last month Closed-End Fund Weekly Roundup What's going on with senior loan CEFs? The main culprit is the fall in short-term interest rates that has occurred this year. As the chart below shows, after climbing steadily from near-zero levels for most of the last 5 years, the 3-month LIBOR rate has reversed course and is now sitting at levels not seen since early 2018. Because senior loans are floating rate, usually linked to the 3-month LIBOR, a fall in interest rates will act to decrease the income potential of senior loan CEFs. We've observed over the past year how many senior loan CEFs have been finally PPR (The LIBOR floor The above is why senior loans have been among the worst-performing fixed inc
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