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Rating:Nuveen Plans to Issue a New Form of Security Not Rated 5.0 Email Routing List Email & Route  Print Print
Tuesday, March 10, 2009

Nuveen Plans to Issue a New Form of Security

by: Armie Margaret Lee

In Tuesday's Wall Street Journal Fund Track column , Daisy Maxey reports on a new security that Nuveen Investments plans to issue as an alternative to some auction-rate preferred shares. Several of Nuveen's closed-end municipal bond funds will attempt to refinance their auction-rate preferred shares using a new form of fixed-rate preferred stock. If the funds' trustees give their greenlight, the funds will file registration statements by early April to issue the new securities, which will have a fixed dividend rate and maturity of three to six years.

The second portion of Fund Track, penned by Mark Anderson, picks up on the new development in the case involving Oakmark Funds' adviser, Harris Associates (see The MFWire, 03/09/09). The Supreme Court will hear an appeal in the fee lawsuit filed against Harris, which last May won its case in the Seventh Circuit Court in Chicago (see The MFWire, 05/21/08).  

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