Ann: Notification of cessation of securities - NBI, page-5

I suspect the market continually evaluates high-yield debt (NBI) in comparison to the risk free rate, i.e., say US 5-year government bond yields.

Back in 2021 (June/August), NBI yielded about 5.5% and the corresponding risk free rate was about 0.75%, so the spread was 4.75% - and that's about the historical spread between high yield debt and risk free debt (circa 5%).

Currently, NBI offers an annualised yield of approximately 7.0% (on the current share price), which is only a spread of about 3.9%. NBI's monthly distribution may increase from July, and that will be announced in the next week or so.