Muni CEFs Look Better (And Buyable) But Not Great

Summary

• Muni CEFs have taken quite the beating this year and discounts have widened out- though not nearly as much as I would have expected.

• NAVs have stabilized as rates have started to come back down from cycle highs.  The 10-yr hit 3.2% in early May and now sits at 2.74%.

• Muni CEF valuations are all over the place so investors can benefit from using the…