Nuveen completes IPO of Nuveen High Income 2020 Target Term Fund

By Tali Rackner

Norfolk, Va., July 29 – Nuveen Investments announced it has successfully completed the initial public offering of the Nuveen High Income 2020 Target Term Fund, according to a press release.

The fund’s investment objectives are to seek to provide a high level of current income and to return the original $9.85 net asset value per common share on or about Nov. 1, 2020. The fund will seek to achieve its investment objectives by investing primarily in shorter maturity, high-yield corporate bonds.

The fund began trading on the New York Stock Exchange on Wednesday under the symbol JHY.

The fund raised roughly $124 million (before deduction of the sales load and offering expenses payable by the fund) in its common share offering, excluding any exercise of the underwriters’ option to purchase additional shares. If the underwriters exercise that option in full, the fund will have raised about $143 million.

Nuveen Fund Advisors, LLC is the fund’s investment adviser.

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