Nuveen Dividend Advantage Municipal Fund 3 (NZF) - NYSEMKT
  • 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
  • Wed, Mar. 30, 8:04 AM
    • Shareholders of NPT, NXZ, NMA, NIO, NQI, NQU, NZF, and NVG previously approved the reorganization of the funds into acquiring funds, Nuveen Dividend Advantage Municipal Income FUnd (NYSEMKT:NVG) and Nuveen Dividend Advantage Municipal Fund 3 (NYSEMKT:NZF).
    • The pre-merger distributions have a record date of April 8, an ex-dividend date of April 6, and a payable date of May 2.
    • Following the merger, the acquiring funds are expected to declare additional distributions payable on May 2.
    • Source: Press release
    | Wed, Mar. 30, 8:04 AM | 1 Comment
  • Thu, Mar. 3, 10:20 AM
    • The Nuveen Municipal Opportunity Fund (NYSE:NIO), Quality Municipal Fund (NYSE:NQI), and Quality Income Municipal Fund (NYSE:NQU) will be folded into the Nuveen Dividend Advantage Municipal Income Fund (NYSEMKT:NVG), which itself will be renamed Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund.
    • The Nuveen Premium Income Municipal Fund 4 (NYSE:NPT), Dividend Advantage Municipal Fund 2 (NYSEMKT:NXZ), and Municipal Advantage Fund (NYSE:NMA) will be folded into the Nuveen Dividend Advantage Municipal Fund 3 (NYSEMKT:NZF), which will be renamed Nuveen Enhanced Municipal Credit Opportunities Fund.
    • Source: Press release
    | Thu, Mar. 3, 10:20 AM
  • Aug. 27, 2015, 10:27 AM
    • The Nuveen Premium Income Municipal Fund 4 (NYSE:NPT), Nuveen Dividend Advantage Municipal Fund 2 (NYSEMKT:NXZ), and Nuveen Municipal Advantage Fund (NYSE:NMA) will be folded into the Nuveen Dividend Advantage Municipal Fund 3 (NYSEMKT:NZF) - which will be renamed the Nuveen Enhanced Municipal Credit Opportunities Fund.
    • The Nuveen Municipal Opportunity Fund (NYSE:NIO), the Nuveen Quality Municipal Fund (NYSE:NQI), and Nuveen Quality Income Municipal Fund (NYSE:NQU) will be merged with the Nuveen Dividend Advantage Municipal Income Fund (NYSEMKT:NVG) - which will be renamed the Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund.
    | Aug. 27, 2015, 10:27 AM | 6 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
  • Dec. 17, 2013, 12:55 PM
    | Dec. 17, 2013, 12:55 PM | 5 Comments
  • Aug. 13, 2013, 12:44 PM
    • Tumbling Treasury prices - with TLT carving out a new 52-week low today - are again hitting income favorites.
    • Leading mREITs (REM -1.4%) lower are Invesco (IVR -3.3%), Annaly (NLY -2.3%), American Capital (AGNC -2%), and Western Asset (WMC -1.6%).
    • A number of income CEFs not long ago were so much in favor they commanded large premiums to NAV. They're now at seemingly growing-by-the-day discounts. Among the movers today is the Pimco Dynamic Income Fund (PDI -1.4%) selling for $27.45 against yesterday's closing NAV of $30.23. Others include: PCI, PFN, and PFL.
    • Still trading at premiums to NAV are the Pimco High Income Fund (PHK -0.9%) and the Pimco Corporate & Income Fund (PTY -1.1%).
    • Municipals (MUB -0.6%) slip as well, hitting Muni CEFs: NXZ -0.9%, IIM -1.2%, VKQ -0.7%.
    • Related ETFs: MORT, MORL, SUB, MUNI, PVI, PZA, SHM, TFI, VRD, HYD, ITM, MLN, PRB, SMB, GMMB, SMMU, RVNU, NY .
    | Aug. 13, 2013, 12:44 PM
Company Description
Nuveen Dividend Advantage Muni Fund 3 is a closed-end investment fund. The Fund's investment objective is to provide an attractive level of total return, primarily through long-term capital appreciation and secondarily through income and gains.
Sector: Financial
Industry: Closed-End Fund - Debt
Country: United States