Western Asset High Yield Defined Opportunity Fund
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HYI Western Asset High Yield Defined Opportunity Fund
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Company profile

Western Asset High Yield Defined Opportunity Fund Inc. (the Fund) is a non-diversified, closed-end management investment company. The Fund’s primary investment objective is to provide high income. As a secondary investment objective, the Fund will seek capital appreciation. The Fund will invest at least 80% of its net assets in fixed income securities of below investment grade quality (commonly referred to as high-yield securities or junk bonds). These high-yield securities may be rated as low as C by Moody’s, CCC or lower by S&P or CC or lower by Fitch or comparably rated by another NRSRO or, if unrated, determined by sub-adviser to be of comparable quality.. The Fund may invest up to 20% of its net assets in securities that, at the time of investment, are considered illiquid. Legg Mason Partners Fund Advisor, LLC (LMPFA) act as the investment manager of the Fund. Western Asset Management Company (Western Asset) is the Fund’s sub-adviser.

Closing Price
$15.22
Day's Change
-0.10 (-0.65%)
Bid
--
Ask
--
B/A Size
--
Day's High
15.38
Day's Low
15.22
Volume
(Light)
Volume:
40,355

10-day average volume:
67,074
40,355

Bank stocks suffer broad selloff as Treasury yields resume decline

2:34 pm ET August 20, 2019 (MarketWatch)
Print

The selloff in financial stocks isn't unanimous Tuesday, but it's pretty close, as the yield on 10-year Treasurys resumed their decline after a two-day bounce off last Thursday's 3-year low. The SPDR Financial Select Sector ETF (XLF) shed 1.1%, with 64 of 68 equity components trading lower, and was the biggest decliner of the SPDR sector ETFs tracking the S&P 500's 11 sectors. Meanwhile, the SPDR S&P Bank ETF (KBE) slumped 1.3% with 89 of 90 components losing ground and the SPDR S&P Regional Banking ETF (KRE) slid 1.4% with 119 of 122 components declining. There is some overlap among the 3 ETFs' components. Among the more active stocks, Bank of America Corp. (BAC) shed 1.9%, Citigroup Inc. (C) fell 0.9%, Regions Financial Corp. (RF) lost 2.0% , Wells Fargo Co. (WFC) gave up 1.0% and J.P. Morgan Chase & Co. (JPM) slipped 1.0%. Meanwhile, the 10-year Treasury yield declined 4.2 basis points (0.042 percentage points) to 1.556%. Lower long-term yields can hurt bank profits (http://www.marketwatch.com/story/bank-stocks-take-a-beating-as-inverted-yield-curve-fuels-recession-fears-2019-08-14), as it reduces the spread they earn from funding longer-term assets, like loans, with shorter-term liabilities.

-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

August 20, 2019 14:34 ET (18:34 GMT)

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