- Nuveen’s fund held $824 million of island debt in April
- Firm buys Puerto Rico debt as island bonds gain 9% this year
The biggest buyer of muni junk bonds is big on Puerto Rico.
Nuveen’s $19.5 billion High Yield Municipal Bond Fund, the largest focused on riskier state and local government securities, boosted its stake in debt sold by the bankrupt U.S. territory to $824 million as of April 30, up from $456 million at the end of March and zero in July, according to data compiled by Bloomberg. The company’s Short Duration High Yield Municipal Bond Fund also increased its holdings.
Bloomberg Markets
By Michelle Kaske
May 22, 2019, 6:41 AM PDT