ARS Notices
The Current Auction Rate Preferred Market
Despite the fact that ARS products are long-term fixed income investments, short term liquidity has traditionally been provided through a regularly scheduled auction process.
Many financial institutions that had traditionally provided ARS auction support have incurred significant capital writedowns stemming from the deterioration in the subprime mortgage markets. As a result, their participation in auctions discontinued earlier this year and near-term liquidity for ARS products as been affected.
The current lack of liquidity does not mean the value of ARS investments has declined. Issuers have continued making interest payments – in most cases, at the maximum allowed rate.
Many ARS issuers have announced partial or complete redemptions and nearly all are actively seeking solutions that should promote further redemptions. The following list of issuers and recent announcements is provided for the convenience of Raymond James clients. If you do not see information about your holdings here, please contact your financial advisor.
Auction Rate Preferred Security (ARPS) Issuer Updates
Please note: The following is provided for informational purposes only and may not reflect the most recent updates from all issuers. Raymond James is not responsible for the content of third-party websites to which you may be redirected or the collection or use of information regarding the website's users and/or members.
Issues Distributed by Raymond James
Eaton Vance
10/21/08 – Eaton Vance Municipal Income Funds Announce Redemption Of Auction Preferred Shares
09/03/08 – Eaton Vance Announces Update Of Information Relating To Closed-End Fund Auction Preferred Shares
06/23/08 – Eaton Vance Municipal Income Funds Announce Plan to Redeem Approximately $310 Million of Auction Preferred Shares
06/13/08 – Eaton Vance Announces Granting of No-Action Relief for New Closed-End Fund Liquidity Protected Preferred Shares
05/20/08 – Eaton Vance Announces Plan for Creation of New Closed-End Fund Liquidity Protected Preferred Shares
John Hancock
05/21/08 – John Hancock Announces Redemption Schedule for Auction Preferred Securities of John Hancock Investors Trust
05/20/08 – JH Announces Refinancing and Redemption of JHI ARPS
Nicholas Applegate/Allianz
11/07/08 – NCV and NCZ Announce Additional Partial Redemption of ARPS
10/09/08 – NCV, NCZ Announce Partial Redemption of A.R.P.S.
05/12/08 – AGI US Retail Posts CEF Client Letter
05/12/08 – Updated Closed-End Fund Market Update FAQ
Nuveen
09/09/08 – 3 Nuveen Taxable Closed-End Funds Issue Second At-Par Redemption Notices for Auction-Rate Preferred Securities
08/08/08 – 4 Nuveen Municipal Closed-End Funds Issue At-Par Redemption Notices for Auction-Rate Preferred Securities
08/07/08 – 23 Nuveen Municipal Closed-End Funds Issue At-Par Redemption Notices for Auction-Rate Securities
08/05/08 – Nuveen Dividend Advantage Municipal Fund 2 Announces
Pricing and Placement of Private Offering of VRDP Shares
08/05/08 – Nuveen Insured New York Dividend Advantage Municipal
Fund Announces Pricing and Placement of Private Offering of VRDP Shares
07/09/08 – Nuveen Investments Provides Update on Progress Refinancing Auction-Rate Preferred Shares
07/09/08 – Nuveen Insured New York Dividend Advantage Municipal Fund Announces Intent to Commence Private Offering of VRDP Shares
07/09/08 – Nuveen Insured Premium Income Municipal Fund 2 Announces Intent to Commence Private Offering of VRDP Shares
07/09/08 – Nuveen Insured California Tax Free Advantage Municipal Fund Announces Intent to Commence Private Offering of VRDP Shares
07/09/08 – Nuveen Dividend Advantage Municipal Fund 2 Announces Intent to Commence Private Offering of VRDP Shares
07/07/08 – Nuveen Investments Announces Board Approval of Tender Option Bond Refinancing for Auction-Rate Preferred Shares in Municipal Closed-End Funds
06/11/08 – Nuveen Investments Announces Board Approval of Tender Option Bond Refinancing for Auction-Rate Preferred Shares in Municipal Closed-End Funds
04/16/08 – Nuveen Multi-Strategy Inc Fund announces partial redemption
05/22/08 – Nuveen Multi-Strategy Income and Growth Fund 2 Issues Second At-Par Redemption Notices for Auction-Rate Securities
05/22/08 – Nuveen Taxable Auction-Rate Securities Redemptions Announced
05/21/08 – Nuveen Investments Announces Progress on Refinancing Auction-Rate Preferred Shares in Municipal Closed-End Funds
05/16/08 – Nuveen Taxable Auction-Rate Securities Redemptions Announced
05/16/08 – Two Nuveen Taxable Closed-End Funds Announce Refinancing
04/30/08 – CEF Preferred Shares Asset Coverage as of 30 April 2008
05/06/08 – Nuveen Taxable Auction-Rate Securities Redemptions Announced
05/06/08 – Nuveen Real Estate Income Fund Issues Second Round of At-Par Redemption Notices for Auction-Rate Securities
05/05/08 – Nuveen Taxable Auction-Rate Securities Redemptions Announced
05/05/08 – Nuveen Multi-Strategy Income and Growth Fund Issues Second Round of At-Par Redemption Notices for Auction-Rate Securities
PIMCO/Allianz
11/07/08 – PFL,PFN Postpone Payment of Declared Common Share Dividends
11/03/08 – PHK Postpones Common Share Dividend, Declaration of Next Dividend
05/12/08 – AGI US Retail Posts CEF Client Letter
05/12/08 – Updated Closed-End Fund Market Update FAQ
Other Issuers
AllianceBernstein
06/17/08 – AllianceBernstein National Municipal Income Fund, Inc. and Alliance California Municipal Income Fund, Inc. Announce Plans for Additional Partial Redemptions of Auction Preferred Shares
05/19/08 – AllianceBernstein National Municipal Income Fund, Inc., Alliance New York Municipal Income Fund, Inc., and Alliance California Municipal Income Fund, Inc. Announce Plans for Partial Redemptions of Auction Preferred Shares (PDF)
Blackrock
05/19/08 – BlackRock Announces Redemption Dates for Auction Rate Preferred Shares Issued by BlackRock Taxable Fixed Income Closed-End Funds
Calamos
05/19/08 – Calamos Announces Redemption Dates of Auction Rate Preferred Securities for CHI and CHY
Claymore
09/29/08 –
DCS Announces At-Par Redemption Notices for Auction Market Preferred Shares and Reduction of Quarterly Dividend Rate for Common Shares
05/01/08 – FFC & FLC Announce Financing Arrangement to Redeem Majority of Outstanding Auction Preferred Shares
05/02/08 – Claymore Comments on Auction-Rate Preferred Securities Market
Cohen & Steers
08/12/08 – Cohen & Steers Announces $1.4 Billion Financing
to Redeem Auction Market Preferred Securities
07/29/08 – Cohen & Steers Worldwide Realty Income Fund, Inc. (RWF) Announces Redemption Date for Auction Market Preferred Securities
06/20/08 – Cohen & Steers Global Income Builder, Inc. (INB) Announces Redemption Date for Auction Market Preferred Securities
05/16/08 – Cohen & Steers Arranging New Financing to Redeem Auction Market Preferred Securities
Delaware Investments
07/31/08 – Delaware Investments Provides Update on Auction Rate Preferred Securities Issued by Municipal Closed-End Funds
DWS Investments
10/29/08 – DWS Investments Provides Update on Restructuring of Leverage for DWS RREEF Real Estate Fund and DWS RREEF Real Estate Fund II
09/12/08 – DWS Investments Provides Information on Recent Auction Rate Securities Market Activity Involving
Duff & Phelps Investment Management
07/01/08 – DNP Shareholders Approve Modification of Investment Policy
05/08/08 – Duff & Phelps Investment Management Company Board Authorizes Action on Preferred Stock
Eaton Vance
08/05/08 – Eaton Vance Municipal Income Funds Announce Plan to Redeem Approximately $176 Million of Auction Preferred Shares, Including the Redemption of All Remaining Auction Preferred Shares of Three Municipal Income Funds
Federated Investments
08/07/08 – Federated Municipal Closed-End Funds Announce Details for
Partial Auction Market Preferred Shares Redemptions
08/05/08 – Federated Municipal Closed-End Funds Announce Tender-
Option Bond Refinancing for Preferred Shares
First Trust
09/25/08 – First Trust Advisors L.P. Announces Partial Redemption of First Trust Tax-Advantaged Preferred Income Fund Series M Auction Preferred Shares
07/18/08 – First Trust Announces Partial Redemption of First Trust Tax-Advantaged Preferred Income Fund Series M Auction Preferred Shares
06/17/08 – First Trust Advisors L.P. Announces Partial Redemption of First Trust/Four Corners Senior Floating Rate Income Fund II Auction Market Preferred Shares
Flaherty & Crumrine Incorporated
09/30/08 – PFO Announces Partial Redemption of Preferred Shares
Gabelli
05/28/08 – The Gabelli Global Deal Fund Board of Trustees Approves the Offering of Preferred Shares
ING
06/24/08 – ING Prime Rate Trust Issues Notice of Redemption for Auction-Rate Preferred Securities
Investment Grade Municipal Income Fund Inc
09/11/08 – Investment Grade Municipal Income Fund Inc. and Insured Municipal Income Fund Inc. Announce Board Approval to Partially Redeem Auction Preferred Shares
Kayne Anderson
07/15/08 – Kayne Anderson Energy Total Return Fund, Inc. Files Notice with SEC to Redeem All of Its Currently Outstanding Auction Rate Preferred Shares in Early September 2008
06/19/08 – Kayne Anderson MLP Investment Company Completes $450 Million Private Placement of Senior Unsecured Notes
Legg Mason
05/09/08 – LMP Real Estate Income Fund Inc. and Western Asset Zenix Income Fund Inc. Announce Actions to Restructure Leverage with Reductions in Auction Rate Preferred Shares
MFS Investment Management
08/29/08 –MFS Announces Details for Partial Redemption of Auction Rate Preferred Shares of MFS Municipal Income Trust
07/23/08 –MFS Announces Details for Partial Redemption of Auction Rate Preferred Shares of Two Closed-End Funds
Morgan Stanley
09/29/08 – Morgan Stanley Closed-End Municipal Funds Announce Board Approval to Redeem Additional Preferred Shares Through the Use of Alternative Sources of Leverage
08/22/08 – Morgan Stanley Municipal Closed-End Funds Announce At Par Redemptions of Preferred Shares
Neuberger Berman
09/23/08 – Three Neuberger Berman Closed End Funds Announce Refinancing of Auction Preferred Shares
09/08/08 – Neuberger Berman Real Estate Securities Income Fund Inc. Announces Schedule for Partial Redemptions of its Auction Market Preferred Shares
07/29/08 – Neuberger Berman Real Estate Securities Income Fund Inc. Announces Partial Refinancing of Its Auction Market Preferred Shares
02/25/08 – Updated comments on ARPS Market
Nuveen Investments
08/05/08 – Nuveen Insured Premium Income Municipal Fund 2 Announces Pricing and Placement of Private Offering of VRDP Shares
08/05/08 – Nuveen Insured California Tax-Free Advantage Municipal Fund Announces Pricing and Placement of Private Offering of VRDP Shares
Pioneer
07/07/08 – Pioneer Investments on Closed-End Fund Investing
05/22/08 – Rates Update
05/19/08 – Update on Leverage and Auction Rate Preferred Securities
Reaves
09/15/08 – Reaves Utility Income Fund Announces $242 Million Financing to Redeem Auction Market Preferred Shares
Tortoise
06/17/08 – Tortoise North American Energy Corp. Completes $45 Million Senior Notes Offerings and Provides Notice of its Intention to Redeem Series A Auction Rate Senior Notes
06/17/08 – Tortoise Energy Capital Corp. Completes $90 Million Senior Notes Offerings and Provides Notice of its Intention to Redeem Series A Auction Rate Senior Notes
Van Kampen
09/24/08 – Van Kampen High Income Trust II Announces at Par Redemption of Preferred Shares
08/29/08 – Van Kampen Massachusetts Value Municipal Income Trust Announces at Par Redemption of Preferred Shares
06/13/08 – Van Kampen Municipal Closed-End Funds Announce at par Redemptions of Preferred Shares
05/09/08 – Van Kampen Closed-End Municipal Funds Announce Board Approval to Seek Alternative Form of Leverage to Partially Redeem Preferred Shares
