CEF Report July 2022: Not Safe To Tread In Taxables Just Yet

Summary

• CEF NAVs took a big hit in June and continue to show downward trends as they have for most of this year.  That trend is driven by wider spreads.

• Discounts have tightened a bit in recent weeks and are basically saying that a recession is not imminent.  If a recession comes, much wider discounts are likely.

• We think staying with the high quality trad…