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 take a broad beating as 10-year yield hits 3-year low

11:54 am ET September 3, 2019 (MarketWatch)
Print

Bank stocks took a broad beating Tuesday, as the tumble in 10-year Treasury yields (http://www.marketwatch.com/story/treasury-yields-slide-lower-as-brexit-worries-spur-demand-for-bonds-2019-09-03) to a fresh three-year low following disappointing manufacturing data (http://www.marketwatch.com/story/ism-manufacturing-index-falls-below-50-indicating-contraction-in-activity-2019-09-03) cast a pall on the financial sector. The SPDR S&P Bank ETF (KBE) slid 2.1% with 87 of 90 equity components losing ground, while the SPDR S&P Regional Bank ETF (KRE) shed 2.3% with all 122 components falling. Meanwhile, the SPDR Financial Select Sector ETF (XLF) dropped 1.3% with 58 of 68 components declining, but 7 of the gainers were insurance companies, 2 were trading platforms and 1 was a credit rating agency. Of the more-active banks, shares of Bank of America Corp. (BAC) dropped 2.6%, Citigroup Inc. (C) gave up 2.0%, Wells Fargo & Co. (WFC) lost 1.3%, J.P Morgan Chase & Co. (JPM) declined 1.5%, Huntington Bancshares Inc. (HBAN) fell 2.9% and Regions Financial Corp. (RF) dropped 2.7%. The 10-year Treasury yield declined 6.7 basis points to 1.439%, the lowest yield seen since July 2016. Lower longer-term yields can pressure bank profits, as it narrows the spread banks earn by usual practice of funding longer-term assets, such as loans, with shorter-term liabilities. The bank ETF (KBE) has now shed 18.9% over the past 12 months, while the 10-year yield has been cut in half and the Dow Jones Industrial Average has edged up 0.5%.

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

(END) Dow Jones Newswires

September 03, 2019 11:54 ET (15:54 GMT)

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