The Salomon Brothers Global High Income Fund began trading on the New York Stock Exchange Tuesday. The closed-end fund, managed by Salomon Brothers Asset Management (SBAM), has a primary objective of providing high current income and a secondary objective of total return.
Approximately 40% of its assets will invest in high-yield debt, another 40% in emerging markets debt and 20% in investment-grade debt. It will leverage up to 33% of its assets. The fund raised $498.2 million during its initial public offering. Citigroup Global Markets, parent company of SBAM, was the lead underwriter of that IPO.