Latest news with #MFSInvestmentManagement
Business Wire
3 days ago
- Business
- Business Wire
MFS Amends Shareholder Agreement for MFS High Yield Municipal Trust
BOSTON--(BUSINESS WIRE)--MFS Investment Management® (MFS®) announced today that the Board of Trustees (the "Board") of MFS High Yield Municipal Trust (the "Fund") (NYSE: CMU), a closed-end management investment company, has amended an existing agreement with a large shareholder of the Fund pursuant to which the Board agreed to approve a proposal for a liquidity event, unless the average trading discount of the Shares equaled or was less than 7.50% for the entirety of a consecutive 30 calendar day period (the 'Discount Threshold') ending July 15, 2025. Under the terms of the amendment, the deadline for the Fund to satisfy the Discount Threshold has been extended until December 31, 2025. Cautionary Statement Regarding Forward-Looking Statements This press release may contain statements regarding plans and expectations for the future that constitute forward-looking statements within The Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking and can be identified by the use of words such as "may," "will," "expect," "anticipate," "estimate," "believe," "continue," or other similar words. Such forward-looking statements are based on the Fund's current plans and expectations, are not guarantees of future results or performance, and are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. All forward-looking statements are as of the date of this release only; the Fund undertakes no obligation to update or review any forward-looking statements. You are urged to carefully consider all such factors. About the Fund The Fund is a closed-end investment company product advised by MFS Investment Management. Closed end funds, unlike open end funds, are not continuously offered. Shares may trade at a discount to NAV. Shares of the Fund are not FDIC-insured and are not deposits or other obligations of, or guaranteed by, any bank. Shares of the Fund involve investment risk, including possible loss of principal. For more complete information about the Fund, including risks, charges, and expenses, please see the Fund's annual and semi-annual shareholder reports or contact your financial adviser. About MFS Investment Management In 1924, MFS launched the first U.S. open end mutual fund, opening the door to the markets for millions of everyday investors. Today, as a full-service global investment manager serving financial advisors, intermediaries, and institutional clients, MFS still serves a single purpose: to create long-term value for clients by allocating capital responsibly. That takes our powerful investment approach combining collective expertise, thoughtful risk management and long-term discipline. Supported by our culture of shared values and collaboration, our teams of diverse thinkers actively debate ideas and assess material risks to uncover what we believe are the best investment opportunities in the market. As of June 30, 2025, MFS manages $635.4 billion in assets on behalf of individual and institutional investors worldwide. Please visit mf for more information. MFS Investment Management 111 Huntington Ave., Boston, MA 02199 65541.1
Business Wire
3 days ago
- Business
- Business Wire
MFS Amends Shareholder Agreement for MFS Investment Grade Municipal Trust
BOSTON--(BUSINESS WIRE)--MFS Investment Management® (MFS®) announced today that the Board of Trustees (the "Board") of MFS Investment Grade Municipal Trust (the "Fund") (NYSE: CXH), a closed-end management investment company, has amended an existing agreement with a large shareholder of the Fund pursuant to which the Board agreed to approve a proposal for a liquidity event, unless the average trading discount of the Shares equaled or was less than 7.50% for the entirety of a consecutive 30 calendar day period (the 'Discount Threshold') ending July 15, 2025. Under the terms of the amendment, the deadline for the Fund to satisfy the Discount Threshold has been extended until December 31, 2025. Cautionary Statement Regarding Forward-Looking Statements This press release may contain statements regarding plans and expectations for the future that constitute forward-looking statements within The Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking and can be identified by the use of words such as "may," "will," "expect," "anticipate," "estimate," "believe," "continue," or other similar words. Such forward-looking statements are based on the Fund's current plans and expectations, are not guarantees of future results or performance, and are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. All forward-looking statements are as of the date of this release only; the Fund undertakes no obligation to update or review any forward-looking statements. You are urged to carefully consider all such factors. About the Fund The Fund is a closed-end investment company product advised by MFS Investment Management. Closed end funds, unlike open end funds, are not continuously offered. Shares may trade at a discount to NAV. Shares of the Fund are not FDIC-insured and are not deposits or other obligations of, or guaranteed by, any bank. Shares of the Fund involve investment risk, including possible loss of principal. For more complete information about the Fund, including risks, charges, and expenses, please see the Fund's annual and semi-annual shareholder reports or contact your financial adviser. About MFS Investment Management In 1924, MFS launched the first U.S. open end mutual fund, opening the door to the markets for millions of everyday investors. Today, as a full-service global investment manager serving financial advisors, intermediaries, and institutional clients, MFS still serves a single purpose: to create long-term value for clients by allocating capital responsibly. That takes our powerful investment approach combining collective expertise, thoughtful risk management and long-term discipline. Supported by our culture of shared values and collaboration, our teams of diverse thinkers actively debate ideas and assess material risks to uncover what we believe are the best investment opportunities in the market. As of June 30, 2025, MFS manages $635.4 billion in assets on behalf of individual and institutional investors worldwide. Please visit mf for more information. MFS Investment Management 111 Huntington Ave., Boston, MA 02199 65542.1
Business Times
4 days ago
- Business
- Business Times
Japan leads global long-bond drop as spending takes centre-stage
[LONDON] Yields for long-term debt from Japan and Germany to the UK and France rose on Monday (Jul 14) as growing concern over widening fiscal deficits dented demand. The yield on Japan's 30-year notes jumped the most in two months and those on similar-maturity German bunds flirted with their loftiest levels in 14 years. For these countries, fiscal concerns are usurping central-bank interest-rate policies as the main factor to watch. While the sell-off is less pronounced in the US, 30-year yields there still touched the highest in a month. Japanese election largesse and US President Donald Trump's weekend tariff announcements were the immediate cause of the latest nudge higher. They tapped into deeper concerns about excessive government debt, fire-hose spending, too many bonds coming to market, and inflation that's still much too sticky in developed markets around the world. 'Monetary policy has taken a backseat as primary policy focus, to be replaced by what is happening with budgets and national debts,' said Benoit Anne, senior managing director and head of the markets insights group of MFS Investment Management. That's all well and good if investors are willing to finance it, Anne said, but past episodes have shown that investors can quickly develop 'an acute case of fiscal profligacy scepticism'. While shorter-maturity yields track the path of interest rates more closely, and are posting smaller moves on the expectation of cuts, a loss of appetite at the long end of the yield curve is a more direct reflection of the fear that growing piles of sovereign debt around the world could ultimately reach a tipping point. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up In the US, the rate on 30-year debt was up three basis points to 4.98 per cent as at 11 am in New York and has now risen more than 20 basis points since the start of the month. 'The 30-year Treasury is right around 5 per cent and likely breaks back up,' said George Bory, chief investment strategist, fixed income at Allspring Global Investments, on Bloomberg Radio Monday. 'The reality is deficit spending by governments is very prevalent around the world and the relief valve is the long end of the curve.' Investors remain uneasy over the prospect that Trump's One Big Beautiful Bill Act will add trillions to the national debt pile over the coming decade. Still, those concerns have eased in recent weeks, and the nation's 30-year debt has performed better than most developed nation peers year-to-date, despite dizzying swings. Traders are now looking to key inflation data due on Tuesday. The long end in the government bond market is 'going to be pinned at these levels', and will only come down as growth slows, according to Calvin Yeoh, portfolio manager at hedge fund Blue Edge Advisors in Singapore. He's positioned in so-called steepener trades in US Treasuries, betting that two and five-year notes will outperform 10- and 30-year notes, respectively. 'Everyone, the US, Japan, Europe, is on the fiscal bus headed to inflationville with a full tank of gas,' Yeoh said. Japan, Germany Governments are on a path of greater issuance: Berlin abandoned decades of fiscal austerity this year to revamp its military and infrastructure; in Japan, an election struggle in the upper house is prompting pledges of spending hikes and tax cuts to woo voters. The 30-year Japanese yield advanced more than 10 basis points, nearing the record high last seen in May. The Bank of Japan (BOJ) ended its negative rate policy last year and has raised borrowing costs twice since then. Officials are widely expected to keep their benchmark rate unchanged at 0.5 per cent on Jul 31. Waning demand for super-long notes is also due to traditional buyers such as life insurers trimming purchases, mirroring a similar dynamic in the UK, as well as the BOJ trying to gradually back out of the market after becoming the dominant holder. 'This is a different environment than in the past,' said Shinichiro Kadota, head of Japan FX and rates strategy at Barclays Securities Japan. 'I think it's quite unique to this election.' In Germany, 30-year notes fell, lifting the yield three basis points to 3.25 per cent, the highest since 2023. German Chancellor Friedrich Merz said Trump's threat of 30 per cent tariffs would hit exporters in Europe's largest economy 'to the core'. The UK and France, meanwhile, have seen borrowing costs jump as they struggle to reduce their vast debt piles. Strategists at Morgan Stanley point out that while the share of government bonds globally has grown in proportion to all debt, including treasuries, investment grade, high yield, emerging market hard-currency and local-currency debt, they are still 'well below the 2012 peak'. 'However, in the end, investors, not models, judge debt sustainability,' the strategists, led by Matthew Hornbach, wrote. BLOOMBERG
Straits Times
4 days ago
- Business
- Straits Times
Japan leads global long-bond drop as spending takes centre stage
The yield on Japan's 30-year notes jumped the most in two months and those on similar-maturity German bonds flirted with their loftiest levels in 14 years. Yields for long-term debt from Japan and Germany to the UK and France rose on July 14 as growing concern over widening fiscal deficits dented demand. The yield on Japan's 30-year notes jumped the most in two months and those on similar-maturity German bonds flirted with their loftiest levels in 14 years. For these countries, fiscal concerns are usurping central-bank interest-rate policies as the main factor to watch. While the selloff is less pronounced in the US, 30-year yields there still touched the highest in a month. Japanese election largesse and Mr Donald Trump's weekend tariff announcements were the immediate cause of the latest nudge higher. They tapped into deeper concerns about excessive government debt, fire-hose spending, too many bonds coming to market, and inflation that's still much too sticky in developed markets around the world. 'Monetary policy has taken a backseat as primary policy focus, to be replaced by what is happening with budgets and national debts,' said Mr Benoit Anne, senior managing director and head of markets insights group of MFS Investment Management. That's all well and good if investors are willing to finance it, Mr Anne said, but past episodes have shown that investors can quickly develop 'an acute case of fiscal profligacy skepticism.' While shorter-maturity yields track the path of interest rates more closely – and are posting smaller moves on the expectation of cuts – a loss of appetite at the long end of the yield curve is a more direct reflection of the fear that growing piles of sovereign debt around the world could ultimately reach a tipping point. In the US, the rate on 30-year debt was up three basis points to 4.98 per cent as of 11am in New York and has now risen more than 20 basis points since the start of the month. Top stories Swipe. Select. Stay informed. World Trump arms Ukraine and threatens sanctions on countries that buy Russian oil Multimedia From local to global: What made top news in Singapore over the last 180 years? Singapore Turning tragedy into advocacy: Woman finds new purpose after paralysis Singapore HSA intensifies crackdown on vapes; young suspected Kpod peddlers nabbed in Bishan, Yishun Opinion Sumiko at 61: When beauty fades, why do some accept it better than others? Singapore Man charged over distributing nearly 3 tonnes of vapes in one day in Bishan, Ubi Avenue 3 Singapore Man allegedly attacks woman with knife at Kallang Wave Mall, to be charged with attempted murder Singapore Ex-cop charged after he allegedly went on MHA portal, unlawfully shared info with man 'The 30-year Treasury is right around 5 per cent and likely breaks back up,' said Mr George Bory, chief investment strategist, fixed income at Allspring Global Investments, on Bloomberg Radio July 14. 'The reality is deficit spending by governments is very prevalent around the world and the relief valve is the long end of the curve.' Investors remain uneasy over the prospect that Trump's One Big Beautiful Bill Act will add trillions to the national debt pile over the coming decade. Still, those concerns have eased in recent weeks, and the nation's 30-year debt has performed better than most developed nation peers year-to-date, despite dizzying swings. Traders are now looking to key inflation data due July 15. The long-end in the government bond market is 'going to be pinned at these levels,' and will only come down as growth slows, according to Mr Calvin Yeoh, portfolio manager at hedge fund Blue Edge Advisors in Singapore. He's positioned in so-called steepener trades in US Treasuries, betting that two and five-year notes will outperform 10- and 30-year notes, respectively. 'Everyone – the US, Japan, Europe – is on the fiscal bus headed to inflationville with a full tank of gas,' Mr Yeoh said. Japan, Germany Governments are on a path of greater issuance: Berlin abandoned decades of fiscal austerity this year to revamp its military and infrastructure; in Japan, an election struggle in the upper house is prompting pledges of spending hikes and tax cuts to woo voters. The 30-year Japanese yield advanced more than 10 basis points, nearing the record high last seen in May. The BOJ ended its negative rate policy in 2024 and has raised borrowing costs twice since then. Officials are widely expected to keep their benchmark rate unchanged at 0.5 per cent on July 31. Waning demand for super-long notes is also due to traditional buyers such as life insurers trimming purchases – mirroring a similar dynamic in the UK – as well as the BOJ trying to gradually back out of the market after becoming the dominant holder. 'This is a different environment than in the past,' said Barclays Securities Japan head of Japan FX and rates strategy Shinichiro Kadota. 'I think it's quite unique to this election.' In Germany, 30-year notes fell, lifting the yield three basis points to 3.25 per cent, the highest since 2023. German Chancellor Friedrich Merz said Mr Trump's threat of 30 per cent tariffs would hit exporters in Europe's largest economy 'to the core.' The UK and France, meanwhile, have seen borrowing costs jump as they struggle to reduce their vast debt piles. Strategists at Morgan Stanley point out that while the share of government bonds globally has grown in proportion to all debt – including treasuries, investment grade, high yield, emerging market hard-currency and local-currency debt – they're still 'well below the 2012 peak.' 'However, in the end, investors – not models – judge debt sustainability,' the strategists wrote. BLOOMBERG
Boston Globe
23-05-2025
- Business
- Boston Globe
Pride parades around the country have taken a hit this spring, but not in Boston
Gary Daffin, a member of Boston Pride for the People's executive committee, says nearly half of that amount last year came from corporate sponsorships, and nearly half came from registration fees from groups that want to participate — the two main sources of funding. Advertisement Daffin expects a similar budget for the events this time around: just above $700,000. So far, all the big sponsors are back — a list that includes Delta Air Lines, MFS Investment Management, the Boston Foundation, Beth Israel Lahey Health, Eastern Bank, MassMutual, Rockland Trust, Dana-Farber Cancer Institute, Eversource, and National Grid. The big-ticket corporate sponsorships range from $10,000 to $50,000. He said a few previous sponsors have not yet committed, but they're not among the big contributors. This is the third year that the event has been organized by Advertisement This year, Daffin said the organizers had been concerned that fund-raising could take a hit because of economic uncertainties and the anti-DEI rhetoric in Washington, including executive orders targeting diversity programs. 'There was a fear that people were not going to reply to our requests,' Daffin said. 'But almost everyone who was there last year is back. It just took a little longer [to line up the commitments]. It's a relief, though we still need a little bit more money. We're not there yet.' This is an installment of our weekly Bold Types column about the movers and shakers on Boston's business scene. Jon Chesto can be reached at
