NYSE Opening Bell Ringing Will Recognize First Day of NHA
Trading
Nuveen Investments, a leading global provider of investment
services to institutions as well as individual investors, today
announced it has successfully completed the initial public offering
of the Nuveen Municipal 2021 Target Term Fund (NYSE: NHA).
The new closed-end fund’s investment objectives are to provide a
high level of current income exempt from regular U.S. federal
income tax (distributed monthly) and to return the original $9.85
net asset value (NAV) per common share on or about March 1, 2021.
The fund will seek to achieve its investment objectives by
investing primarily in municipal securities and other related
investments.
The fund will begin trading on the New York Stock Exchange
(NYSE) today, under the symbol NHA. In recognition of the
first day of trading, a team from Nuveen Investments will ring the
Opening Bell this morning.
The fund raised $81 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 more than $92 million.
Nuveen Fund Advisors, LLC, a subsidiary of Nuveen Investments,
is the fund’s investment adviser, responsible for the fund’s
overall investment strategy and its implementation, including the
use of leverage. Nuveen Asset Management, an affiliate of Nuveen
Investments, is the fund’s subadviser, responsible for investing
the fund’s assets. The lead managers of the underwriting syndicate
were Morgan Stanley, BofA Merrill Lynch, Wells Fargo Securities and
Nuveen Securities.
Shares of closed-end investment companies, like the fund,
usually trade on a national stock exchange. Similar to stocks, the
fund’s share price will fluctuate with market conditions and, at
the time of sale, may be worth more or less than the original
investment. Shares of closed-end funds often trade at a discount to
their net asset value.
About Closed-End Funds
Nuveen closed-end funds have long been valued for their
potential to provide attractive income. In the search for increased
income opportunities, closed-end funds can be a smart choice.
Because of their unique closed structure, closed-end funds can use
leverage, and are generally able to invest more fully and flexibly
than other types of widely available investment vehicles. Their
higher yield potential can make them a powerful tool for optimizing
an income portfolio.
About Nuveen Investments
Nuveen Investments provides high-quality investment services
designed to help secure the long-term goals of institutional and
individual investors as well as the consultants and financial
advisors who serve them. Nuveen Investments markets a wide range of
specialized investment solutions which provide investors access to
capabilities of its high-quality boutique investment
affiliates—Nuveen Asset Management, LLC, Symphony Asset Management
LLC, NWQ Investment Management Company, LLC, Santa Barbara Asset
Management, LLC, Tradewinds Global Investors, LLC, Winslow Capital
Management, LLC and Gresham Investment Management LLC, all of which
are registered investment advisers and independent investment
subsidiaries of Nuveen Investments, Inc. Funds distributed by
Nuveen Securities, LLC, a subsidiary of Nuveen Investments, Inc.
Nuveen Investments operates as a separate subsidiary within
TIAA-CREF, which is a leading provider of retirement and financial
services in the academic, research, medical and cultural fields. In
total, Nuveen Investments managed approximately $225 billion as of
December 31, 2015. For more information, please visit the Nuveen
Investments website at www.nuveen.com.
Investors should consider the investment objectives and
policies, risk considerations, charges and expenses of the fund
carefully before investing. For a prospectus which contains this
and other information relevant to an investment in the fund, please
contact your securities representative or Nuveen Securities, LLC,
333 W. Wacker Drive, Chicago, IL 60606. Investors should read the
prospectus carefully before they invest or send money.
This document is not an offer to sell securities and is not
soliciting an offer to buy securities in any jurisdiction where the
offer or sale is not permitted.
Key Risk Considerations:
Investment and Market Risk: An investment in Common
Shares is subject to investment risk, including the possible loss
of the entire principal amount that you invest. Your investment in
Common Shares represents an indirect investment in the securities
owned by the fund. Your Common Shares at any point in time may be
worth less than your original investment, even after taking into
account the reinvestment of fund dividends and distributions.
Municipal Securities Market Risk. The amount of public
information available about the municipal securities in the Fund’s
portfolio is generally less than that for corporate equities or
bonds, and the investment performance of the Fund may therefore be
more dependent on the analytical abilities of Nuveen Asset
Management than if the Fund were a stock fund or taxable bond fund.
The secondary market for municipal securities, particularly the
below investment grade municipal securities in which the Fund may
invest, also tends to be less well-developed or liquid than many
other securities markets, which may adversely affect the Fund’s
ability to sell its municipal securities at attractive prices.
Credit and Below Investment Grade Risk. Credit risk is
the risk that one or more municipal securities in the Fund’s
portfolio will decline in price, or the issuer thereof will fail to
pay interest or principal when due, because the issuer experiences
a decline in its financial status. Credit risk is increased when a
portfolio security is downgraded or the perceived creditworthiness
of the issuer deteriorates. Municipal securities of below
investment grade quality are predominately speculative with respect
to an issuer’s capacity to pay interest and repay principal when
due, and, in comparison with investment grade securities, are
additionally susceptible to default or decline in market value due
to adverse economic, business or political events or other
developments such as weather or earthquakes (so-called “event
risk”). Such event risk would be heightened to the extent that the
Fund invests a substantial amount of the below investment grade
quality portion of its portfolio in the bonds of similar projects
(such as those relating to the education, health care, housing,
transportation, or utilities industries), in industrial development
bonds, or in particular types of municipal securities (such as
special tax and development bonds, private activity bonds or moral
obligation bonds in a specific region or geographic locale) that
are particularly exposed to specific types of adverse economic,
business, political or other events. Also, to the extent that the
rating assigned to a municipal security in the Fund’s portfolio is
downgraded, the market price and liquidity of such security may be
adversely affected. The market values for municipal securities of
below investment grade quality tend to be volatile, and these
securities are less liquid than investment grade municipal
securities. If a below investment grade security goes into default,
or enters bankruptcy, it might be difficult to sell that security
in a timely manner at any reasonable price.
For additional detailed risk information, please refer to the
fund’s prospectus or visit the fund’s webpage at
www.nuveen.com.
13393-INV-O-01/17
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version on businesswire.com: http://www.businesswire.com/news/home/20160127005395/en/
Nuveen InvestmentsMedia Contact:Kristyna Munoz(312)
917-8343kristyna.munoz@nuveen.com
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