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Nuveen Emerging Markets Debt 2022 Target Term Fund Announces Termination and Liquidation
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Rhea-AI Summary
The Nuveen Emerging Markets Debt 2022 Target Term Fund (NYSE: JEMD) completed its liquidation on December 1, 2022. Initially launched on September 26, 2017, the fund aimed to provide high current income while returning an original net asset value (NAV) of $9.85 per share upon termination. However, due to unfavorable market conditions, JEMD returned a liquidating distribution of $6.6472 per share instead. Over its five-year term, the fund distributed a total of $2.1115 per share, resulting in an annualized total return of -2.63% on NAV.
Positive
Returned liquidating distribution of $6.6472 per share to shareholders.
Paid a total of $2.1115 per share in distributions over five years.
Negative
Failed to return the original NAV of $9.85 per share due to poor market conditions.
Annualized total return on NAV of -2.63% for original investors.
NEW YORK--(BUSINESS WIRE)--
Nuveen Emerging Markets Debt 2022 Target Term Fund (NYSE: JEMD) completed its termination and liquidation following the close of business on December 1, 2022. The termination and liquidation was performed in accordance with the fund’s investment objectives and organizational documents, consistent with the fund’s previously announced liquidation plans.
Nuveen Emerging Markets Debt 2022 Target Term Fund launched on September 26, 2017 as a short duration strategy that invested primarily in high yield emerging market debt securities, with two investment objectives, to provide high current income and to return the original net asset value (Original NAV) of $9.85 per common share upon termination on or about December 1, 2022.
As anticipated, due to market conditions, JEMD did not return the Original NAV at its termination. The investment objective relating to Original NAV was not a guarantee and was dependent on a number of factors including the extent of market recovery and the cumulative level of income retained in relation to cumulative portfolio gains net of losses.
The fund is returning to shareholders an extended NAV of $6.6472 per common share as its liquidating distribution. Over its five year term, the fund paid 60 regular distributions totaling $2.1115 per share, which equates to an average distribution rate of 4.14% on NAV and 4.07% on market price. The annualized total return on NAV for shareholders who invested at the initial public offering was -2.63% and the total return on market price was -2.81%.
Shareholders may recognize a gain or loss for U.S. tax purposes as a result of the liquidation. Nuveen does not provide tax advice; investors should consult a professional tax advisor regarding their specific tax situation.
Nuveen is a leading sponsor of closed-end funds (CEFs) with $54 billion of assets under management across 56 CEFs as of 30 Sep 2022. The funds offer exposure to a broad range of asset classes and are designed for income-focused investors seeking regular distributions. Nuveen has more than 35 years of experience managing CEFs.
Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has $1.1 trillion in assets under management as of 30 Sep 2022 and operations in 27 countries. Its investment specialists offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies. For more information, please visit www.nuveen.com.
Nuveen Securities, LLC, member FINRA and SIPC.
The information contained on the Nuveen website is not a part of this press release.
