- Last May, Nuveen announced the plan to merge their three Select series of Tax-Free Municipal Bond Closed-End-Funds. The original closing date was scheduled for after late September shareholder votes.
- The process finally closed on 12/3/21, with shareholders of NXQ and NXR becoming owners of NXP with the market opening the following Monday. The final terms will be covered here.
- While the larger NXP should see cost savings due to economies-of-scale, its long duration makes it unattractive when the market demands and expects rates to rise, thus my Bearish rating.
For further details see:
NXP Finally Swallows Up Its Sister Tax-Free CEFs