Judging by the results, the demand for closed-end bond funds is still spiking. Today Nuveen Investments said it had sold $2.2 billion of shares for its new Preferred and Convertible Income Fund 2
. The fund is a follow-on to a similar offering that raised $1.5 billion three months ago.
The amount raised may rise to $3 billion after preferred shares are issued in the coming weeks, according to Nuveen.
"We believe investors are looking for quality-oriented fixed income investments to add income and balance to their portfolios," said Bill Adams
, executive vice president of Nuveen Investments.
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