Cecilia Gondor News
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Jeffrey Gundlach, manager of the top-performing DoubleLine Total Return Bond Fund, raised $2.3 billion for a closed-end bond fund in an initial public offering that ranks among the five biggest in the industry.
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Legg Mason Inc .’s ClearBridge Advisors unit completed a $1.27 billion initial public offering for a closed-end fund, the largest in almost three years.
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Call it the Pimco premium.
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The following are the day's top business stories:
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Junk-bond yields have fallen so far that the world’s biggest debt investors are turning to borrowed money to juice returns, a practice that magnified losses during the worst financial crisis since the Great Depression.
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Bill Gross , the co-chief investment officer of Pacific Investment Management Co., spent $4.4 million of his own money this month to purchase shares of five municipal-bond funds run by his firm after tax-exempt debt tumbled.
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Tax-exempt bonds are yielding more than Treasuries for the first time since the financial crisis, a relationship that history shows doesn’t last, especially as the Federal Reserve kindles inflation expectations.
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Investors withdrew the most in almost 19 years from open-end U.S. municipal-bond funds in the week ended Nov. 17 as concern increased that cities’ and states’ finances are deteriorating.
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Build America Bond yields rose to the highest in 11 months as the federal program subsidizing state and local government borrowing costs is set to expire at year- end unless lawmakers extend it.
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Nuveen Investments Inc. , the largest manager of closed-end funds, was sued for allegedly harming one group of investors by buying out others caught in the 2008 collapse of the auction-rate market.
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