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Municipal bond closed-end funds (CEFs) are seeing narrowing discounts, with NXP and MHF offering the most compelling value in the space at present. Leverage costs are easing as the Fed cuts rates, which should improve distribution coverage and make leveraged muni CEFs more attractive. Of course, there are always risks that include increased volatility from leverage and sensitivity to long-term Treasury rates, but we've seen long-term rate stabilization within a fairly narrow range.
RiverNorth Managed Duration Municipal Income Fund II, Inc. (NYSEARCA:RMMZ - Get Free Report)'s stock price dropped 1.1% during trading on Monday. The stock traded as low as $14.70 and last traded at $14.71. Approximately 13,002 shares changed hands during mid-day trading, a decline of 58% from the average daily volume of 30,732 shares. The
RiverNorth Managed Duration Municipal Income Fund II, Inc. (NYSEARCA:RMMZ - Get Free Report) was the target of a large increase in short interest during the month of October. As of October 15th, there was short interest totaling 52,900 shares, an increase of 45.3% from the September 30th total of 36,400 shares. Based on an average
RMMZ offers unique swap opportunities and diversification via a hybrid muni bond and fund-of-funds approach, but there are some potential drawbacks. The current discount has narrowed, making RMMZ less attractive relative to its sister funds for considering. The distribution yield is high at 7.8%, but overdistribution leads to a mix of tax-exempt income and return of capital, impacting sustainability and tax treatment.
What if I told you we've got a shot at grabbing 2 cheap muni bonds that kick out huge dividends—I'm talking 7.5% and higher—and those payouts are tax-free too?
WEST PALM BEACH, Fla.--(BUSINESS WIRE)--In accordance with the RiverNorth closed-end funds (the “Funds”) level distribution policies, the Funds have declared distributions for October, November and December 2024, as detailed below. Ex Date Record Date Payable Date October 15, 2024 October 15, 2024 October 31, 2024 November 15, 2024 November 15, 2024 November 29, 2024 December 13, 2024 December 13, 2024 December 31, 2024 Tax-Exempt Distributions1 Fund Name Ticker Distribution Per Share Net Asset.
RiverNorth Managed Duration Municipal Income Fund II is a closed-end fund that provides exposure to municipal bonds. RMMZ utilizes a portfolio that includes individual municipal bonds and a fund-of-funds approach, investing in other CEF muni funds. RMMZ offers a potentially attractive discount and can be used tactically as a swap partner with other similar RiverNorth funds.
WEST PALM BEACH, Fla.--(BUSINESS WIRE)--In accordance with the RiverNorth closed-end funds (the “Funds”) level distribution policies, the Funds have declared distributions for April, May and June 2024, as detailed below. Ex Date Record Date Payable Date April 12, 2024 April 15, 2024 April 30, 2024 May 14, 2024 May 15, 2024 May 31, 2024 June 14, 2024 June 14, 2024 June 28, 2024 Tax-Exempt Distributions1 Fund Name Ticker Distribution Per Share Net Asset Value (NAV) as of 3/28/2024 Annualized Curr.
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Transcripts source: company-published earnings calls. Speaker attribution and formatting are processed in-app.