Nuveen Emerging Markets Debt 2022 Target Term Fund
JEMD
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- Nuveen Emerging Markets Debt 2022 Target Term Fund (NYSE: JEMD) is a closed-end management investment fund that sought to provide a high level of current income through investments primarily in emerging markets debt securities. The Fund targeted a portfolio of shorter-maturity emerging market sovereign, quasi-sovereign, and corporate debt securities, with at least 80% of its assets allocated to such instruments; it also permitted unlimited exposure to both investment-grade and below-investment-grade securities. Launched on September 26, 2017, and headquartered in Chicago, Illinois as part of Nuveen, the investment manager of TIAA, the Fund aimed to return its original net asset value of $9.85 per common share upon termination on or about December 1, 2022. The Fund's investment strategy focused on high-yield, short-duration emerging market fixed income, serving income-focused investors seeking regular distributions from diversified exposure across hard currency sovereigns, corporates, and local currency debt in regions including Latin America, Asia, Africa, and Eastern Europe. Over its five-year term, it distributed 60 regular payments totaling $2.1115 per share, achieving an average distribution rate of 4.14% on net asset value and 4.07% on market price. In a major development, the Fund completed its planned termination and liquidation on December 1, 2022, distributing an extended net asset value of $6.6472 per common share to shareholders, falling short of the original NAV target due to adverse market conditions. This wind-up aligned with its predefined term structure and organizational documents, marking the cessation of operations; the ticker JEMD has since been delisted, with no relaunches or successor funds under the same name identified. Nuveen continues to offer related strategies, such as the Nuveen Emerging Markets Debt 2025 Term Fund (NYSE: JEMX), but JEMD concluded as a distinct, time-limited vehicle.