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A retired judge of Bangladesh's Supreme Court was detained from the northeastern frontier with India in Sylhet while he was allegedly attempting to flee the country, the Border Guard Bangladesh (BGB) said late on Friday...

NEW YORK , June 12, 2024 /PRNewswire/ -- Blackstone Liquid Credit Strategies LLC, an affiliate of Blackstone Alternative Credit Advisors LP (collectively, and together with their affiliates in the credit-focused business of Blackstone, Inc., "Blackstone Credit & Insurance"), recently announced monthly distributions for the three listed closed-end funds it advises, Blackstone Senior Floating Rate 2027 Term Fund (NYSE: BSL), Blackstone Long-Short Credit Income Fund (NYSE: BGX), and Blackstone Strategic Credit 2027 Term Fund (NYSE: BGB) (each a "Fund" and together the "Funds"). The ex-dividend dates in the prior press release announcing these distributions were incorrect and have been corrected below, with each ex-dividend date being adjusted to one day later than what was previously announced.

Blackstone Strategic Credit 2027 Term Fund has been performing well since our prior update and seeing its discounts narrow. BGB benefits from hotter inflation and a resilient economy, which decreases the probability of rate cuts from the Fed. The Fund offers an attractive distribution yield of approximately 9.5% and has a diversified portfolio of senior secured loan securities.

The Blackstone Strategic Credit Fund is undervalued compared to its peers, despite outperforming well-known CEFs from PIMCO. BGB has a unique approach with a high allocation to fixed income bonds and an active trading strategy as compared to other leveraged loan CEFs. The fund's portfolio is robust and well-diversified, with a focus on single-B rated bonds.

The Blackstone Strategic Credit 2027 Term Fund offers a current distribution yield of 11.08%, comparable to other fixed-income funds. The fund has outperformed the broader bond market, with a 3.37% increase in shares compared to a 1.47% decline in the Bloomberg US Aggregate Bond Index. The fund primarily invests in floating-rate senior loans and high-yield junk bonds, which provide stability and potential income growth in a rising interest rate environment.

We review CEF market valuation and performance through the third week of September and highlight recent market action. Most sectors saw NAV gains, but discounts widened, particularly in the Covered Call and Equity sectors. Invesco trimmed distributions on many CEFs including IHIT, potentially indicating a termination of this CMBS 2023 term fund.

The Blackstone Strategic Credit 2027 Term Fund has benefited from higher interest rates through distribution increases due to its portfolio of senior secured loans. BGB has a deep discount and is a term fund, offering potential alpha relative to other senior loan funds that aren't term structured. The fund's discount should be realized as it liquidates near the end of 2027, making it an attractive investment option.

Blackstone Strategic Credit Fund aims to provide high current income from a portfolio of senior loans and high yield bonds. The closed-end fund has an annualized yield of 9.4%, using the latest monthly distribution rate.

BGB is heavily invested in senior secured floating rate loans, meaning it should benefit from higher rates. The portfolio is highly leveraged and invests in below-investment-grade securities.