NEA
Nuveen AMT-Free Quality Municipal Income FundNYSE
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  • Fri, Dec. 2, 2:48 PM
    • S&P's index of municipal bonds fell 3.46% in November, writes Amey Stone in Barron's. That's the worst month since September 2008, when it fell 4.83%.
    • That interest rates rose sharply in November isn''t news, but S&P Dow Jones' J.R. Rieger says potential tax reform in which the highest marginal tax rate could be cut lowers the attractiveness of municipals.
    • Munis, says Rieger, are a retail-driven market, and thus sensitive to changes in sentiment and quick reversals in fund flows.
    • ETFs: MUB, NVG, IIM, NEA, NUV, NAD, PML, NZF, LEO, PZA, PMF, PMX, VMO, BFK, EVN, BLE, NXP, KTF, DSM, EIM, VGM, AFB, PMM, VKI, BKN, MVF
    | Fri, Dec. 2, 2:48 PM | 23 Comments
  • Mon, Nov. 21, 1:18 PM
    • The sharp selloff in fixed-income not only may have gone too far, suggests Andrew Bary, noting a 10-year Treasury yield of 2.33% already discounts plenty of things that may happen in the coming months (or may not happen).
    • Whether rates are too high or not is up for argument, but what isn't are the discounts to NAV on at least a few closed-end funds.
    • Those mentioned: Nuveen AMT-Free Quality Municipal Income (NEA +1.5%), BlackRock Municipal 2030 Target Term Trust (BTT +0.9%), BlackRock Taxable Municipal Bond Trust (BBN +1.5%), Nuveen Preferred Income Opportunities (JPC +2.2%).
    • Also noted is a mutual fund which has sold off: Vanguard Intermediate-Term Tax-Exempt Fund (MUTF:VWIUX).
    • Another way to play is in preferred stock, with issues from Wells Fargo, Bank of America, and Public Storage all mentioned, or the iShares Preferred Stock ETF (PFF +0.8%).
    | Mon, Nov. 21, 1:18 PM | 3 Comments
  • Thu, Nov. 10, 12:49 PM
    • Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund (NYSEMKT:NVG) - $0.0760.
    • Nuveen Municipal High Income Opportunity Fund (NYSE:NMZ) - $0.0695.
    • Nuveen Enhanced Municipal Value Fund (NYSE:NEV) - $0.0725.
    • Nuveen Intermediate Duration Municipal Term Fund (NYSE:NID) - $0.0570.
    • Nuveen Intermediate Duration Quality Municipal Term Fund (NYSE:NIQ) - $0.0425.
    • Nuveen Municipal 2021 Target Term Fund (NYSE:NHA) - $0.0200.
    • AMT-Free Quality Municipal Income Fund (NYSE:NEA) - $0.0680.
    • Quality Municipal Income Fund (NYSE:NAD) - $0.0715.
    • Payable Dec. 1; for shareholders of record Nov. 15; ex-div Nov. 10.
    • Press Release
    | Thu, Nov. 10, 12:49 PM
  • Thu, Oct. 13, 3:06 PM
    • Not only are interest rates in general rising this week, but municipals are underperforming Treasurys, writes Amey Stone in Barron's. Many muni CEFs are lower today even as rates ease.
    • It may be little more than profit-taking as muni CEFs have outperformed for the past year, says Stone, and with most levered, it doesn't take much of a downtick to send things south in a hurry. In one example, the Nuveen AMT-Free Quality Muni Income (NYSE:NEA) has dipped to its current $13.81 from $14.25 at the start of the week (at Labor Day, it was $15).
    • Portfolio manager Jim Robinson notes a lag effect between the Treasury market (institutional investors) and CEFs (mostly retail). Trading volumes in CEFs have been sharply higher the past couple of days, and the average weighted discount to NAV of the CEFs his fund (MUTF:ROBAX) invests in has moved to about 6% from 1% three months ago.
    • Then there's the election - looking more and more like a Democratic landslide, that could mean higher marginal tax rates for the highest earners. While that should be a good thing for the relative valuation of tax-exempt bonds, it hasn't yet played out that way.
    | Thu, Oct. 13, 3:06 PM | 1 Comment
  • Mon, Sep. 12, 11:31 PM
    • Nuveen AMT-Free Municipal Income Fund (NYSE:NEA)  declares an additional distribution of $0.046/share, totaling $0.0625 for the month of September.
    • Payable Oct. 3; for shareholders of record Sept. 22; ex-div Sept. 20.
    | Mon, Sep. 12, 11:31 PM
  • Mon, Aug. 29, 7:37 AM
    • The Nuveen Premier Municipal Income Fund (NYSE:NPF), Nuveen Premium Income Municipal Fund (NYSE:NPI), Nuveen Select Quality Municipal Fund (NYSE:NQS), and Nuveen Investment Quality Municipal Fund (NYSE:NQM) are to be folded into the Nuveen Dividend Advantage (NYSE:NAD), whose name will be changed to Nuveen Quality Municipal Income Fund.
    • The Nuveen Municipal Market Opportunity Fund (NYSE:NMO), Nuveen Premium Income Municipal Fund 2 (NYSE:NPM), and Nuveen Performance Plus Municipal Fund (NYSE:NPP) are to be folded into the Nuveen AMT-Free Municipal Income Fund (NYSE:NEA), which will be renamed Nuveen AMT-Free Quality Municipal Income Fund.
    • Shareholders have approved the mergers, and they're expected to take place prior to the market open on Sept. 12.
    • Source: Press release
    | Mon, Aug. 29, 7:37 AM | 2 Comments
  • Wed, Jun. 8, 11:52 AM
    • "We as municipal market participants should really be penalizing in some way, by almost not giving them any access to the market,” says Peter Hays, who oversees $119B as head of municipal bonds at BlackRock.
    • He notes Illinois is a state that refuses to pass a budget, and has the lowest funded ratio on their pension of any state.
    • The term "bond vigilantes" was invented with regards to investors forcing discipline on national governments, but they've been mostly absent from the $3.7T municipal market, despite a number of notable bankruptcy filings of late, as well as Puerto Rico's issues.
    • The lowest-rated U.S. state, Illinois this week announced plans to borrow $550M for capital projects on June 16. For now, investors are demanding an extra 183 basis points to hold Illinois 10-year debt vs. AAA munis. Still the yield is just 3.42% - that's 20 basis points lower than four years ago, when Illinois had a two-step higher credit rating than it does today.
    • ETFs: MUB, NVG, IIM, NUV, PML, NZF, LEO, PZA, PMF, NEA, PMX, VMO, BFK, EVN, BLE, NXP, KTF, DSM, EIM, VGM, AFB, NPM, PMM, VKI, BKN, MVF, NQM, TFI, MYI, IQI
    | Wed, Jun. 8, 11:52 AM | 50 Comments
  • Wed, Jun. 8, 11:52 AM
    • "We as municipal market participants should really be penalizing in some way, by almost not giving them any access to the market,” says Peter Hays, who oversees $119B as head of municipal bonds at BlackRock.
    • He notes Illinois is a state that refuses to pass a budget, and has the lowest funded ratio on their pension of any state.
    • The term "bond vigilantes" was invented with regards to investors forcing discipline on national governments, but they've been mostly absent from the $3.7T municipal market, despite a number of notable bankruptcy filings of late, as well as Puerto Rico's issues.
    • The lowest-rated U.S. state, Illinois this week announced plans to borrow $550M for capital projects on June 16. For now, investors are demanding an extra 183 basis points to hold Illinois 10-year debt vs. AAA munis. Still the yield is just 3.42% - that's 20 basis points lower than four years ago, when Illinois had a two-step higher credit rating than it does today.
    • ETFs: MUB, NVG, IIM, NUV, PML, NZF, LEO, PZA, PMF, NEA, PMX, VMO, BFK, EVN, BLE, NXP, KTF, DSM, EIM, VGM, AFB, NPM, PMM, VKI, BKN, MVF, NQM, TFI, MYI, IQI, MUA, OIA, MVT, XMPT, MEN, NPI, MYD, VKQ, NMO, PMO, MUE, MMU, NAD, NPP, BBK, EXD, NEV, BYM, NQS, DMF, MFL, BBF, MFM, KSM, MHD, EIV, MQY, MUH, BAF, MFT, MUS, MZF, PRB, MNP, EOT, NUW, DMB, DTF, MQT, NPF, BSD, MYF, NXR, CXH, NXQ, NIM, NMI, VTEB, FMN, VFL, PVI, RVNU, FMB
    | Wed, Jun. 8, 11:52 AM | 6 Comments
  • Thu, Mar. 24, 11:15 AM
    • Coming nearly a year after it struck down a state plan to overhaul its retirement system ($111B shortfall), the Illinois Supreme Court does the same to Chicago and its $20B pension deficit.
    • The decision leaves the city needing to figure out a new way to shore up its retirement plans. It needs to make about an $886M payment this year - more than twice what was necessary a decade ago - and its already pushed through a record property-tax hike. Currently only Detroit among large U.S. cities has a lower credit rating than Chicago.
    • ETFs: MUB, IIM, NUV, PML, NIO, PZA, LEO, NEA, VMO, PMF
    | Thu, Mar. 24, 11:15 AM | 32 Comments
  • Nov. 12, 2015, 3:00 PM
    • There was a 20% jump in the number of requests for new municipal bond security identifiers, according to the CUSIP Issuance Trends Report - the first increase in five months.
    • While the start of Q4 and the beginning of a new fiscal year for many towns explains some of the jump, says CUSIP's Gerald Faulkner, the near-certain closing of ZIRP also plays a role.
    • It's a "dash for debt"  says S&P Capital IQ's Richard Peterson.
    • ETFs: MUB, IIM, NUV, PML, NIO, PZA, LEO, VMO, PMF, NEA, PMX, BFK, EVN, BLE, DSM, KTF, NQU, NXP, VGM, PMM
    | Nov. 12, 2015, 3:00 PM | 11 Comments
  • Sep. 9, 2015, 2:12 PM
    • General obligation bonds have been viewed as essentially default-proof forever, but part of Puerto Rico's five-year plan to restructure its $72B in debt includes the Commonwealth's GO paper.
    • These bonds were issued with a constitutional promise that the government would pay the debt service ahead of any other bills it has. "Unheard-of" is how the plan is described in a NYT article pondering the spillover effect to other GO debt should Puerto Rico successfully restructure.
    • Bond investors will no doubt put up a major fight, and Van Eck strategist Jim Colby expects a constitutional battle. Moody's Ted Hampton agrees, and sees a high probability of a long legal war.
    • Source: Barron's
    • ETFs: MUB, IIM, NUV, PML, NIO, PZA, LEO, VMO, NEA, PMF, PMX, BFK, EVN, BLE, DSM, KTF, NQU, NXP, VGM, PMM, AFB, MVF, VKI, EIM, NQM, NPM, TFI, OIA, BKN
    | Sep. 9, 2015, 2:12 PM | 7 Comments
  • Jul. 16, 2015, 3:39 PM
    | Jul. 16, 2015, 3:39 PM | 8 Comments
  • Jan. 11, 2014, 9:00 AM
    | Jan. 11, 2014, 9:00 AM | 19 Comments
  • Jun. 27, 2013, 4:51 PM
    Gundlach: Tell us how you really feel, Jeff. "TIPS (TIP) are probably the worst asset class in the U.S. ... I have talked myself blue in the face (previous) trying to get investors not to buy (them)." Given their recent big declines, he doesn't hate them as much as a few weeks ago, but he's still not a buyer. On municipals (MUB), he's a buyer, particularly in closed-end funds who've been doubly whacked thanks to growing discounts to NAV. A sampling of muni CEFs: NIO, NVG, BTT, NPM, NRK, MUC, VCV, NEA.
    | Jun. 27, 2013, 4:51 PM | 3 Comments
  • Jun. 26, 2013, 3:34 PM
    With today's gain, the iShares AMT-Free Muni Bond ETF (MUB +2.1%) has its biggest two-day rally since the financial crisis. but is still off more than 5% YTD. "We are taking advantage of this very opportunistic time," says Cumberland's David Kotok, reiterating a bullish stance he's had for a couple of weeks. "We see no more attractive alternatives."
    | Jun. 26, 2013, 3:34 PM | 3 Comments
  • Jun. 13, 2013, 9:20 AM

    Municipals (MUB) are a buy, writes David Kotok, noting an above-4% yield for very high-grade tax-free muni paper - a taxable equivalent yield above 7%. He suggests fixed-income markets (AGG, BNDhave overreacted to the poor communication policies of central banks. "We are now lengthening duration ... If the market wants to give us bargains, our job is to take them." Some closed end muni funds at discounts to NAV: NIO, NVG, BTT, NPM, NRK, MUC, VCV, NEA.

    | Jun. 13, 2013, 9:20 AM