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Rating:Eaton Vance Boasts $2 Billion Offering Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, May 29, 2003

Eaton Vance Boasts $2 Billion Offering

by: Sean Hanna, Editor in Chief

Closed-end fixed income funds remain a hot ticket with investors. Yesterday, Eaton Vance raised $2.02 billion for its Limited Duration Income Fund through an offering on the American Stock Exchange. The specialist for the fund is HBH Specialists.

The fund will take advantage of the current interest rate by using leverage roughly equal to 34 percent of its gross assets, that leverage would bring the total assets held in the fund to approximately $3 billion.

Officials at the Amex said the offering is one of the largest ever for a closed-end fund. With the new listing, Eaton Vance now offers 21 funds through the Amex. The exchange lists a total of 130 closed-end mutual funds.

"The American Stock Exchange and Eaton Vance share a great partnership in bringing innovative investment products to investors," said Salvatore F. Sodano, chairman and CEO of the Amex in a statement. "We are very pleased that Eaton Vance has chosen the Amex again, recognizing the benefits of the Amex's specialist auction market and customized services that provide value-added benefits to fund issuers and shareholders."  

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