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Nuveen raises about $200 million in IPO of Nuveen Municipal Value Fund 2
By Jennifer Chiou
New York, Feb. 25 - Nuveen Investments announced it has successfully completed the initial public offering of the Nuveen Municipal Value Fund 2, raising roughly $200 million.
The figure assumes the full exercise of underwriters' over-allotment options, which may not occur.
Nuveen said that the new closed-end fund consists primarily of investment-grade municipal bonds and seeks to provide attractive monthly income exempt from federal income taxes, including the federal alternative minimum tax.
The fund has begun trading on the New York Stock Exchange under the symbol "NUW."
Nuveen Asset Management is the fund's adviser and is responsible for determining the fund's overall investment strategy. The lead manager of the common share underwriting syndicate was Citigroup Global Markets Inc.
"The recent challenging economic environment has created potential opportunities for income-oriented investors, as municipal bonds are offering tax-free yields that are at historically high levels relative to established benchmarks," Bill Adams, executive vice president of Nuveen Investments, said in a news release.
Chicago-based Nuveen sells investment products.
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