Nuveen raises $130 million in IPO of emerging markets closed-end fund

By Sarah Lizee

Olympia, Wash., Sept. 27 – Nuveen said it completed the $130 million initial public offering of the Nuveen Emerging Markets Debt 2022 Target Term Fund, according to a company release.

The company said the new closed-end fund’s investment objectives are to provide a high level of current income and return the original net asset value of $9.85 per common share on or near its termination date of Dec. 1, 2022. The fund will seek to achieve its objectives by investing at least 80% of its managed assets in emerging market debt securities.

The fund began trading on the New York Stock Exchange on Wednesday under the symbol “JEMD.”

The underwriters have an over-allotment option that could increase the amount raised to $149 million.

“Managed by a team with over 40 years of emerging markets investment experience, JEMD will invest across the U.S. dollar-denominated EM debt market, providing broad exposure to this rapidly growing asset class,” the company said in the release.

Nuveen Fund Advisors, LLC, a subsidiary of Nuveen, is the fund’s investment adviser. Teachers Advisors, LLC, operating as TIAA Investments, is the fund’s subadviser.

Nuveen is a Chicago-based investment services company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.