Latest news with #municipalbond
Bloomberg
5 days ago
- Business
- Bloomberg
Munis Trail Treasuries by Most Since 2020 After Issuance Boom
The municipal-bond market is logging its worst performance relative to US government debt since the start of the pandemic, as a burst of new bond sales pressures prices. State and local government debt has lost about 1% this year, trailing the 3% gain on US Treasury securities by roughly 4 percentage points, according to data compiled by Bloomberg.
Yahoo
23-07-2025
- Business
- Yahoo
First Eagle Short Duration High Yield Municipal Fund Surpasses $1 Billion in Assets
The firm's municipal bond platform tops $8 billion; expansion includes previously launched tactical municipal opportunities interval fund NEW YORK, July 23, 2025--(BUSINESS WIRE)--First Eagle Investments ("First Eagle") today announced that the First Eagle Short Duration High Yield Municipal Fund (I Shares: FDUIX; A Shares: FDUAX; R6 Shares: FDURX) surpassed $1 billion in total assets as of June 30, 2025. Launched in January 2024, the fund's growth reflects sustained investor interest in short duration, tax-advantaged income strategies in what remains a dynamic interest rate environment. First Eagle's broad municipal bond platform now exceeds $8 billion in assets. The firm's offerings in this space were recently expanded by the June launch of the First Eagle Tactical Municipal Opportunities Fund (Class I: FTAIX), an interval fund designed to provide access to opportunistic strategies across the municipal credit spectrum. John Miller, Head and Chief Investment Officer of First Eagle's Municipal Credit team, commented, "Reaching this level of growth in a relatively short time speaks to the power of our disciplined, research-driven approach. We focus on our goal of rigorous credit work, active surveillance and selective positioning to build resilient portfolios that generate tax-exempt income without compromising quality or discipline." He added, "The successful launch of the Tactical Municipal Opportunities Fund last month demonstrates the flexibility and depth of our platform and our commitment to offering investors differentiated, opportunistic exposures. That flexibility is further reinforced by the continued growth of our flagship First Eagle High Yield Municipal Fund (FEHIX), which recently surpassed $7 billion in assets, underscoring the strength and resilience of our municipal bond strategies across market cycles." Frank Riccio, Head of US Wealth Solutions, noted: "Investor appetite for tax-aware income solutions continues to grow, and advisors choose carefully when selecting a manager. We're pleased to see the Short Duration High Yield Municipal Fund cross the $1 billion milestone and look forward to supporting our clients' evolving income needs with our growing municipal product suite." Carl Katerndahl, Chief Operating Officer of the Municipal Credit team, concluded: "The rapid expansion of our Municipal Bond platform reflects the confidence our clients have placed in John Miller and First Eagle. Together, we've built a highly skilled team of senior analysts and traders who are advancing our shared vision of delivering meaningful results in municipal credit." As of June 30, 2025, the First Eagle Short Duration High Yield Municipal Fund's 30-day SEC yield stood at 5.12% for Class I shares, with a taxable-equivalent yield as high as 8.65% for investors in the highest federal tax bracket. First Eagle Short Duration High Yield Municipal Fund—NAV, Distribution Rate and 30-Day SEC Yield by Share Class Data as of 30-Jun-2025 NAV Distribution Rate Subsidized 30-Day SEC Yield Unsubsidized 30-Day SEC Yield Class I (FDUIX) $10.16 4.72% 5.12% 5.12% Class A (FDUAX) $10.17 4.72% 5.19% 5.19% Class R6 (FDURX) $10.17 4.37% 4.75% 4.75% First Eagle Short Duration High Yield Municipal Fund—Average Annual Returns as of Month End Data as of 30-Jun-2025 YTDœ Since Inception Gross Expense Ratio¹ Net Expense Ratio Adjusted Expense Ratio² Fund Inception Date Class I (FDUIX) 1.43% 4.59% 1.58% 0.62% 0.60% Jan 2,2024 Class A (FDUAX) w/o load 1.21% 4.32% 1.47% 0.87% 0.85% Jan 2,2024 Class A (FDUAX) w/ load -1.29% 1.72% 1.47% 0.87% 0.85% Jan 2,2024 Class R6 (FDURX) 1.35% 4.61% 2.47% 0.62% 0.60% Jan 2,2024 S&P Short Duration Municipal Yield Index 1.81% 4.17% -- -- -- -- The performance data quoted herein represents past performance and does not guarantee future results. Market volatility can dramatically impact the fund's short term performance. Current performance may be lower or higher than figures shown. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Past performance data through the most recent month end is available at or by calling 800.334.2143. The average annual returns are historical and reflect changes in share price, reinvested dividends and are net of expenses. "With sales charge" performance for class A shares gives effect to the deduction of the maximum sales charge of 2.50%. Class I shares require $1 million minimum investment and are offered without sales charge. Class R6 shares are offered without sales charge. Operating expenses reflect the Fund's total annual operating expenses for the share class of the Fund's most current prospectus, including management fees and other expenses. 1. First Eagle Investment Management, LLC (the "Adviser") has contractually agreed to waive and/or reimburse certain fees and expenses of Classes A, I and R6 so that the total annual operating expenses (excluding interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, dividend and other expenses relating to short sales, and extraordinary expenses, if any) (''annual operating expenses'') of each class are limited to 0.85%, 0.60% and 0.60% of average net assets, respectively. Each of these undertakings lasts until 28-Feb-2026 and may not be terminated during its term without the consent of the Board of Trustees. The Short Duration High Yield Municipal Fund has agreed that each of Classes A, I and R6 will repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed the lesser of: (1) 0.85%, 0.60% and 0.60% of the class' average net assets, respectively; or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the year in which the Adviser incurred the expense. 2. The Adjusted Expense Ratio excludes certain fees and expenses, such as interest expense and fees paid on Fund borrowings and/or interest and related expenses from inverse floaters. The Fund is currently in a "ramp-up" period, during which it may not be fully invested, and certain of these expenses may change over time. S&P Short Duration Municipal Yield Index measures the performance of high yield and investment grade municipal bonds with a duration of one to 12 years. 30-day SEC yield is a standard yield calculation developed by the Securities and Exchange Commission (SEC) that allows for fairer comparisons of bond funds. It is based on the most recent 30-day period covered by the fund's filings with the SEC. The yield figure reflects the dividends and interest earned during the period, after the deduction of the fund's expenses. This is also referred to as the "standardized yield." The number is then annualized. This yield does not necessarily reflect income actually earned and distributed by the Fund and therefore may not be correlated with dividends and distributions paid. Had fees not been waived and or/expenses reimbursed, the SEC Yield would have been lower. Subsidized 30-day SEC yield includes contractual expense reimbursements and would be lower without those reimbursements Unsubsidized 30-day SEC yield excludes contractual expense reimbursements The distribution yield is calculated by multiplying the most recent monthly distribution by 12 to get an annualized total and then dividing the result by the Fund's NAV. It is the Fund's policy to make periodic distributions of tax-exempt income, net investment income and net realized capital gains, if any. Unless you elect otherwise, such distributions to you will be reinvested in additional shares of the same share class of the Fund at net asset value calculated as of the payment date. Taxable equivalent yields presented are based off of the Fund's distribution rate. The distribution rate is calculated by the most recent distribution, multiplied by 12 to get an annualized total and then divided by the NAV for each respective share class. It is the Fund's policy to make periodic distributions of tax-exempt income, net investment income and net realized capital gains, if any. Unless you elect otherwise, such distributions to you will be reinvested in additional shares of the same share class of a Fund at net asset value calculated as of the payment date. The distribution rate includes return of capital. The Fund intends to declare income dividends daily and distribute them monthly at rates intended to maintain a more stable level of distributions than would result from paying out amounts solely based on current net investment income by paying out less than all of its net investment income or paying out undistributed income from prior months (with any potential remaining deficiencies characterized as a return of capital at year end). The distributions might not be made in equal amounts, and one month's distribution may be larger than another. Distribution rate presented excludes any special dividends. Distribution rate indicates the annual rate received if the most recent share class monthly distribution paid was the same for an entire year. The rate represents a distribution and does not represent the total return of the Fund. Because the Distribution Rate is annualized from a single month's distribution, no investor actually received the rate in a given year. The distribution rate is calculated by annualizing actual dividends distributed to the monthly period ended on the date shown and dividing by the net asset value on the last business day of the same period. Risk Disclosures: The First Eagle Short Duration High Yield Municipal Fund ("The Fund") is new and may not be successful under all future market conditions. The Fund may not attract sufficient assets to achieve investment, trading or other efficiencies. Funds that invest in bonds are subject to interest-rate risk and can lose principal value when interest rates rise, while they typically increase their principal values when interest rates decline. Bonds are also subject to credit risk, in which the bond issuer may fail to pay interest and principal in a timely manner, or that negative perception of the issuer's ability to make such payments may cause the price of that bond to decline. The Fund may invest in high yield, fixed income securities that, at the time of purchase, are non-investment grade. High yield, lower rated securities involve greater price volatility and present greater risks than high rated fixed income securities. High yield securities are rated lower than investment-grade securities because there is a greater possibility that the issuer may be unable to make interest and principal payments on those securities. High yield securities involve greater risk than higher rated securities and portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not. Municipal bonds are subject to credit risk, interest rate risk, liquidity risk, and call risk. However, the obligations of some municipal issuers may not be enforceable through the exercise of traditional creditors' rights. The reorganization under federal bankruptcy laws of a municipal bond issuer may result in the bonds being cancelled without payment or repaid only in part, or in delays in collecting principal and interest. All investments involve the risk of loss of principal. Diversification does not guarantee investment returns and does not eliminate the risk of loss. The information is not intended to provide and should not be relied on for accounting or tax advice. Any tax information presented is not intended to constitute an analysis of all tax considerations. Investors should consider investment objectives, risks, charges and expenses carefully before investing. The prospectus and summary prospectus contain this and other information about the Funds and may be viewed at You may also request printed copies by calling us at 800.747.2008. Please read our prospectus carefully before investing. Investments are not FDIC insured or bank guaranteed and may lose value. Total Return Percentile Rank, Morningstar Category Percentile rank is a standardized way of ranking items within a peer group, in this case funds with the same Morningstar category. The observation with the largest numerical value is ranked one; the observation with the smallest numerical value is ranked 100. The remaining observations are placed equidistant from one another on the rating scale. Note that lower percentile ranks are generally more favorable for returns (high returns), while higher percentile ranks are generally more favorable for risk measures (low risk). Morningstar High Yield Muni Category: High yield muni portfolios invest at least 50% of assets in high-income municipal securities that are not rated or that are rated by a major agency such as Standard & Poor's or Moody's at the level of BBB (considered speculative in the municipal industry) and below. First Eagle Short Duration High Yield Municipal Fund Class I: The Morningstar percentile ranking for the First Eagle Short Duration High Yield Municipal Fund was derived using the total return of the performance figure associated with its MTD, QTD, YTD, and 1-year periods, as of 6/30/2025. Morningstar percentile rankings were: 73% for the Month-to-Date (132/201), 7% for the Quarter-to-Date (12/200), 3% for the Year-to-Date (4/197), and 1% for the 1-year (2/196) periods when compared against the High Yield Muni category. © 2025 Morningstar, Inc. All Rights Reserved. The information contained herein: 1) is proprietary to Morningstar; 2) may not be copied or distributed; and 3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. FEF Distributors, LLC ("FEFD") (SIPC), a limited purpose broker-dealer, distributes certain First Eagle products. FEFD does not provide services to any investor, but rather provides services to its First Eagle affiliates. As such, when FEFD presents a fund, strategy or other product to a prospective investor, FEFD and its representatives do not determine whether an investment in the fund, strategy or other product is in the best interests of, or is otherwise beneficial or suitable for, the investor. No statement by FEFD should be construed as a recommendation. Investors should exercise their own judgment and/or consult with a financial professional to determine whether it is advisable for the investor to invest in any First Eagle fund, strategy or product. The First Eagle Funds are offered by FEF Distributors, LLC, a subsidiary of First Eagle Investment Management, LLC that provides advisory services. © 2025 First Eagle Investment Management, LLC. All rights reserved. About First Eagle Investments First Eagle Investments is an independent, privately owned investment management firm headquartered in New York with approximately $152 billion in assets under management as of March 31, 2025.* Dedicated to providing prudent stewardship of client assets, the firm focuses on active, fundamental and benchmark-agnostic investing, with a strong emphasis on downside mitigation. With a heritage dating back to 1864, First Eagle strives to help clients avoid permanent impairment of capital and earn attractive returns through widely varied economic cycles. The firm's investment capabilities include equities, fixed income and currencies, alternative credit and real assets. For more information, please visit All figures related to assets under management (AUM) are preliminary figures based on management's estimates and as such are subject to change. *The total AUM represents the combined AUM of (i) First Eagle Investment Management, LLC, (ii) its subsidiary investment advisers, First Eagle Separate Account Management, LLC, First Eagle Alternative Credit ("FEAC") and Napier Park Global Capital ("Napier Park"), and (iii) Regatta Loan Management LLC, an advisory affiliate of Napier Park as of March 31, 2025. It includes $0.6 billion of committed and other non-fee-paying capital from First Eagle Alternative Credit, LLC and $3.1 billion of committed and other non-fee-paying capital from Napier Park Global Capital, inclusive of assets managed by Regatta Loan Management LLC. First Eagle Investments is the brand name for First Eagle Investment Management, LLC and its subsidiary investment advisers. View source version on Contacts Media Contacts First Eagle InvestmentsPholida Hedda NadlerMount Nadlerhedda@ 212-759-4440 Sign in to access your portfolio
Globe and Mail
11-07-2025
- Business
- Globe and Mail
BlackRock Taxable Municipal Bond Trust (BBN) Announces Distribution Dates and an Increase to the Monthly Distribution Rate
BlackRock Taxable Municipal Bond Trust (the 'Fund') announced today an increase to its monthly distribution rate, driven by higher Fund earnings. The new annualized distribution rate is approximately 7% on BBN's NAV. Shareholders will receive the higher distribution rate starting with the August 2025 distribution. Details are highlighted in the table below: Key dates: Declaration- 7/11/2025 Ex-Date- 8/15/2025 Record- 8/15/2025 Payable- 8/29/2025 *In order to comply with the requirements of Section 19 of the Investment Company Act of 1940, as amended (the '1940 Act'), the Fund noted above posted to the DTC bulletin board and sent to its shareholders of record as of the applicable record date a Section 19 notice with the previous distribution payment. The Section 19 notice was provided for informational purposes only and not for tax reporting purposes. This information can be found in the 'Closed-End Funds' section of As applicable, the final determination of the source and tax characteristics of all distributions in 2025 will be made after the end of the year. The Fund's ability to maintain its declared distribution amount will depend on a number of factors, such as the amount and stability of investment income earned by the Fund, its asset mix, portfolio turnover, performance of its investments, level of retained earnings, the amount of leverage utilized by the Fund and the effects thereof, the costs of such leverage, the movement of interest rates for municipal bonds and general market conditions. Shareholders should not draw any conclusions about a Fund's investment performance from the amount of the Fund's current distribution or from the terms of the Fund's dividend policy. A portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder's investment is paid back to the shareholder. A return of capital distribution does not necessarily reflect a Fund's investment performance and should not be confused with 'yield' or 'income.' When distributions exceed total return performance, the difference will reduce the Fund's net asset value. About BlackRock BlackRock's purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit Availability of Fund Updates BlackRock will update performance and certain other data for the Fund on a monthly basis on its website in the 'Closed-end Funds' section of as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Fund. This reference to BlackRock's website is intended to allow investors public access to information regarding the Fund and does not, and is not intended to, incorporate BlackRock's website in this release. Forward-Looking Statements This press release, and other statements that BlackRock or the Fund may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to the Fund's or BlackRock's future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as 'trend,' 'potential,' 'opportunity,' 'pipeline,' 'believe,' 'comfortable,' 'expect,' 'anticipate,' 'current,' 'intention,' 'estimate,' 'position,' 'assume,' 'outlook,' 'continue,' 'remain,' 'maintain,' 'sustain,' 'seek,' 'achieve,' and similar expressions, or future or conditional verbs such as 'will,' 'would,' 'should,' 'could,' 'may' or similar expressions. BlackRock cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and BlackRock assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance. With respect to the Fund, the following factors, among others, could cause actual events to differ materially from forward-looking statements or historical performance: (1) changes and volatility in political, economic or industry conditions, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for the Fund or in the Fund's net asset value; (2) the relative and absolute investment performance of the Fund and its investments; (3) the impact of increased competition; (4) the unfavorable resolution of any legal proceedings; (5) the extent and timing of any distributions or share repurchases; (6) the impact, extent and timing of technological changes; (7) the impact of legislative and regulatory actions and reforms, and regulatory, supervisory or enforcement actions of government agencies relating to the Fund or BlackRock, as applicable; (8) terrorist activities, international hostilities, health epidemics and/or pandemics and natural disasters, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or BlackRock; (9) BlackRock's ability to attract and retain highly talented professionals; (10) the impact of BlackRock electing to provide support to its products from time to time; and (11) the impact of problems at other financial institutions or the failure or negative performance of products at other financial institutions. Annual and Semi-Annual Reports and other regulatory filings of the Fund with the SEC are accessible on the SEC's website at and on BlackRock's website at and may discuss these or other factors that affect the Fund. The information contained on BlackRock's website is not a part of this press release.
