Nuveen launches $900M IPO

Nuveen Investments Inc. today announced the initial public offering of the Nuveen Multi-Currency Short-Term Government Income Fund. The fund raised approximately $900 million in its common share offering, according to a statement from the company. The new closed-end fund began trading on the New York Stock Exchange (NYSE) today under the symbol JGT. The fund seeks an attractive level of current income and total return by investing directly in short-term international (non-U.S.) government debt securities and indirectly through the purchase of forward currency contracts and other derivative instruments that offer exposure to the returns of short-term international government securities, according to Nuveen. The fund also features a managed distribution policy designed to deliver the strategy's long-term return potential through regular quarterly distributions. The fund is sponsored by Nuveen Investments LLC and Nuveen Asset Management is the fund's investment adviser. The co-lead managers of the common share underwriting syndicate were Wachovia Capital Markets LLC; Citigroup Global Markets Inc.: Merrill Lynch, Pierce, Fenner & Smith Incorporated; A.G. Edwards & Sons Inc.; Raymond James & Associates Inc. and Nuveen Investments, LLC. Chicago-based Nuveen managed $162 billion in assets as of year-end 2006, according to the company.