BlackRock 2037 Municipal Target Term Trust

BMN

Market cap $152M

NEW YORK--(BUSINESS WIRE)---- $BMN--BlackRock Advisors, LLC (“BlackRock”) announced today that BlackRock 2037 Municipal Target Term Trust (NYSE: BMN; CUSIP: 09262G108) (the “Fund”) successfully priced and placed $50 million of Variable Rate Demand Preferred Shares (“VRDP”) pursuant to an offering exempt from registration under the Securities Act of 1933. The proceeds from the VRDP issuance will be used to increase leverage in the Fund. BlackRock believes that the VRDP issuance will be accretive to the F.

BlackRock 2037 Municipal Target Term Trust offers primarily tax-free income through a diversified muni bond portfolio. BMN's modest leverage with the Fed cutting rates puts the fund in a unique position to potentially start adding further leverage. Despite a lower distribution yield compared to some muni peers, BMN has much stronger distribution coverage, suggesting a more sustainable income stream.

NEW YORK--(BUSINESS WIRE)---- $BBN--Certain BlackRock closed-end funds (the “Funds”) announced distributions today as detailed below. Certain BlackRock Funds previously declared their June distributions on May 20, 2024 BlackRock ESG Capital Allocation Term Trust (NYSE: ECAT), BlackRock Capital Allocation Term Trust (NYSE: BCAT), BlackRock Health Sciences Term Trust (NYSE: BMEZ), BlackRock Science and Technology Term Trust (NYSE: BSTZ), and BlackRock Innovation and Growth Term Trust (NYSE: BIGZ) previous.

BlackRock 2037 Municipal Target Term Trust (BMN) launched at a favorable time, avoiding the municipal bond market slide caused by rising rates. BMN is a target term fund that aims to return its NAV back to shareholders by 2037, though there is never a guarantee that can happen. The fund has only more recently started to employ leverage, as they remained patient and waited for rates to stabilize it puts them in a more favorable situation.

We take a look at the municipal sector after a rollercoaster ride. We find that longer-duration munis remain attractive, particularly relative to corporate bonds. Separately, muni CEF discounts are wide and higher-quality bonds look best.

NEW YORK--(BUSINESS WIRE)--Certain BlackRock closed-end funds (the “Funds”) announced distributions today as detailed below. Municipal Funds: Declaration- 3/1/2024   Ex-Date- 3/14/2024   Record- 3/15/2024   Payable- 4/1/2024 National Funds Ticker Distribution Change From Prior Distribution BlackRock Municipal Income Quality Trust* BYM $0.052500 - BlackRock Long-Term Municipal Advantage Trust* BTA $0.043500 - BlackRock MuniAssets Fund, Inc.* MUA $0.055500 - BlackRock Municipal Income Fund, Inc.

The price action in the CEF market over the last few months has been fast and furious. We revisit the key decision factors of income investing that can streamline and organize the allocation process as applied to CEFs.

BlackRock 2037 Municipal Target Term Trust is a target term fund with the objective of returning $25 at its termination date in 2037. The BMN closed-end fund is a defensive Muni CEF option owing to its lack of leverage (subject to change), duration profile and term structure. BMN has a decent chance of hitting its $25 NAV target in 2037.