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)--Effective June 3, 2024, the named portfolio management team responsible for the day-to-day oversight of the Fund is as follows: Michael Buchanan Christopher Kilpatrick Annabel Rudebeck Also as of June 3, 2024, Chia-Liang (CL) Lian is no longer a portfolio manager of the Fund. Data and commentary provided in this press release are for informational purposes only. Franklin Resources and its affiliates do not engage in selling shares of the Fund. For more information abo.
The Western Asset Global Corporate Defined Opportunity Fund provides income-seeking investors with a substantial income stream from fixed-income securities, boasting a current yield of 9.94% that is competitive with other funds. However, the fund has recently experienced lackluster performance, consistently falling behind its peers for the past three years.
We review CEF market valuation and performance through the fourth week of February and highlight recent market action. CEFs had a solid week, with most sectors seeing an increase in NAV. Municipal CEF sectors continue to have wide discounts, attracting the attention of CEF activists.
GDO: A CEF Aiming To Turn Perpetual
Western Asset Global Corporate Defined Opportunity Fund is a foreign bond fund that invests in mostly corporate bonds of investment grade quality. The fund has a term structure and is set to self-liquidate on December 2, 2024. The fund offers a robust yield of 9.78% and has strong credit quality, making it a good option for high-quality bond investments.
The Western Asset Global Corporate Defined Opportunity Fund is a fixed income closed-end fund. The CEF focuses on global bonds (mostly investment grade corporates) and includes local currency paper.