Western Asset Global Corporate Defined Opportunity Fund

GDO

Market cap $85M

NEW YORK--(BUSINESS WIRE)--Category: Fund Announcement.

NEW YORK--(BUSINESS WIRE)--Category: Financials.

NEW YORK--(BUSINESS WIRE)--Category: Fund Announcement.

NEW YORK--(BUSINESS WIRE)--Category: Financials.

The closed-end fund space saw a significant narrowing of discounts throughout 2024 as equity markets charged higher and now discounts remain tight heading into 2025. In particular, equity CEFs have seen significantly narrowed discounts along with taxable fixed-income, though municipal bond funds look relatively attractive after widening discounts in December. We are screening for funds with the deepest discounts and widest z-scores to find potential buys and funds that may be getting a bit pricey as sell candidates.

NEW YORK--(BUSINESS WIRE)--Category: Fund Announcement.

Western Asset Global Corporate Defined Opportunity Fund successfully transitioned from a term CEF to a perpetual one, reducing its AUM via a tender offer. Shareholders who tendered their shares will receive NAV payment by October 7, 2024, while non-tendering shareholders will remain invested in the now perpetual fund. The fund's name changes to "Western Asset Global Corporate Opportunity Fund Inc." with a slight management fee reduction, but the ticker symbol remains "GDO".

NEW YORK--(BUSINESS WIRE)--Category: Fund Announcement.

NEW YORK--(BUSINESS WIRE)--Category: Financials.

We review CEF market valuation and performance through the second week of August and highlight recent market action. CEFs were mixed, with MLP funds recovering while REIT funds struggled. The CEF, High Income Securities Fund, is implementing a novel strategy to get its initiatives approved by shareholders.