In plain terms — BNY Mellon Municipal Bond Infrastructure Fund
Shares currently cost about 8.6% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 7.4% discount, so today's level is unusually wide for this fund (Z-score -2.0). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 6.3% a year of the share price (5.7% of the assets). That is a payout rate, not a return: part of it may be capital being handed back.
Because the shares trade below the value of their assets, each dollar of reinvested distributions buys about $1.09 of assets — a ReinvestCapture™ rate of 6.9%, more than the payout rate itself. That is buying power, not a return.
The assets themselves fell 6.6% over the past year including distributions (NAV total return).
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | -7.94% | 1.26% | -1.80 | 64 |
| 6 months | -7.24% | 1.24% | -2.40 | 126 |
| 1 year | -7.41% | 1.37% | -2.04 | 250 |
| 3 years | -10.28% | — | — | — |
| 5 years | -7.71% | — | — | — |
Current contemporaneous premium/discount -10.22% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -10.62% to -4.64%. A negative Z-score means a wider discount than the window average — not that the fund is undervalued.
Performance
| Series | 1M | 3M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) |
|---|---|---|---|---|---|---|
| Market price return | -7.56% | -15.85% | -15.47% | -12.77% | -2.39% | -9.81% |
| Market price total return | -7.10% | -14.64% | -12.13% | -8.28% | +1.75% | -5.79% |
| NAV return | -4.56% | -11.12% | -10.51% | -10.82% | -1.39% | -6.34% |
| NAV total return | -4.12% | -9.94% | -7.22% | -6.57% | +2.37% | -2.46% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
The BNY Mellon Municipal Bond Infrastructure Fund, Inc. is a closed-end investment vehicle specializing in fixed income, operating under the guidance of BNY Mellon Investment Adviser, Inc. The fund primarily allocates capital to tax-exempt, investment-grade debt instruments issued within the United States. These securities originate from states, U.S. territories, the District of Columbia, their various political subdivisions, agencies, instrumentalities, or multistate authorities, alongside other specific eligible assets. A significant portion of its portfolio targets the infrastructure sector, encompassing transportation, energy, utilities, social infrastructure, and water and environmental projects, among other public sectors. To be included, bonds must possess an investment-grade rating of at least BBB- from S&P and Fitch, or Baa3 from Moody's, and the fund maintains an effective duration ceiling of 14 years. Utilizing a comprehensive investment strategy, the fund combines fundamental and quantitative analysis with a bottom-up security selection methodology. Its objective is to capitalize on pricing disparities within the municipal bond market by assessing the relative value and appeal of diverse sectors and individual securities. Portfolio construction involves active adjustments across sectors, driven by factors such as prevailing economic and monetary conditions, interest rate trends, general money market dynamics, municipal bond market status, the size and maturity of specific offerings, and credit ratings. Founded on April 25, 2013, and domiciled in the United States, the fund was previously known as Dreyfus Municipal Bond Infrastructure Fund, Inc.
CEF Explorer research page for BNY Mellon Municipal Bond Infrastructure Fund, Inc.. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.