Amundi US today announced the successful initial public offering
of common stock of Pioneer Municipal High Income Opportunities
Fund, Inc. (the “Fund”), a newly organized, diversified, closed-end
management investment company. The Fund began trading on Friday on
the New York Stock Exchange under the symbol “MIO”.
The Fund’s primary investment objective is to provide holders of
its common stock with a high level of current income exempt from
regular federal income tax. As a secondary investment objective,
the Fund may seek capital appreciation to the extent consistent
with its primary investment objective. Amundi Asset Management US,
Inc. (“Amundi US”) is the Fund’s investment adviser.
The Fund raised $300 million in proceeds, selling 15,000,000
shares of common stock at a price of $20.00 per share, exclusive of
the underwriters’ option to purchase additional shares. If the
underwriters exercise this option in full, the Fund will raise
approximately $345 million.
Lisa Jones, President and CEO of Amundi US
“Investing in municipal bonds has been a
strength of our firm for many years and we are delighted to
announce the successful launch of the Fund. With strong investor
demand, this IPO quickly reached capacity. This Fund is managed by
a team averaging 30-plus years of experience and we believe offers
an innovative approach to investing across various segments of the
municipal market. The adviser employs a disciplined approach,
driven primarily by in-depth credit research.”
The underwriters were Morgan Stanley & Co. LLC, UBS
Investment Bank, and Wells Fargo Securities, LLC.
MIO is the sixth closed-end fund advised by Amundi US. In
addition, the firm manages:
HNW
Pioneer Diversified High Income Fund,
Inc.
PHD
Pioneer Floating Rate Fund, Inc.
PHT
Pioneer High Income Fund, Inc.
MAV
Pioneer Municipal High Income Advantage
Fund, Inc.
MHI
Pioneer Municipal High Income Fund,
Inc.
For more information, please visit Amundi’s closed-end fund
webpage:
https://www.amundi.com/usinvestors/Products/Closed-End-Funds. The
information contained on Amundi US’s website is not a part of this
press release.
About Amundi US
Amundi US is the US business of Amundi, Europe’s largest asset
manager by assets under management and ranked among the ten largest
globally[1]. Boston is one of Amundi’s six main global investment
hubs[2] and offers a broad range of fixed-income, equity, and
multi-asset investment solutions in close partnership with wealth
management firms, distribution platforms, and institutional
investors across the Americas, Europe, and Asia-Pacific.
With our financial and extra-financial research capabilities and
long-standing commitment to responsible investment, Amundi is a key
player in the asset management landscape. Amundi clients benefit
from the expertise and advice of over 4,500 employees in 37
countries. A subsidiary of the Crédit Agricole group and listed on
the Paris stock exchange, Amundi currently manages approximately
$2.12 trillion of assets[3].
Amundi, a Trusted Partner, working every day in the interest of
our clients and society
www.amundi.com/us
Follow us on linkedin.com/company/amundi-us/ and
twitter.com/amundi_us.
1. Source: IPE “Top 500 Asset Managers” published in June 2021,
based on assets under management as of 12/31/2020 2. Boston,
Dublin, London, Milan, Paris, and Tokyo 3. Amundi data as of
6/30/21
A Word About Risk
Municipal securities risk. The municipal bond market can
be susceptible to unusual volatility, particularly for lower-rated
and unrated securities. Liquidity can be reduced unpredictably in
response to overall economic conditions or credit tightening.
Municipal issuers may be adversely affected by rising health care
costs, increasing unfunded pension liabilities, and by the phasing
out of federal programs providing financial support. Unfavorable
conditions and developments relating to projects financed with
municipal securities can result in lower revenues to issuers of
municipal securities, potentially resulting in defaults. Issuers
often depend on revenues from these projects to make principal and
interest payments. The value of municipal securities can also be
adversely affected by changes in the financial condition of one or
more individual municipal issuers or insurers of municipal issuers,
regulatory and political developments, tax law changes or other
legislative actions, and by uncertainties and public perceptions
concerning these and other factors. Municipal securities may be
more susceptible to downgrades or defaults during recessions or
similar periods of economic stress. Financial difficulties of
municipal issuers may continue or get worse. To the extent the Fund
invests significantly in a single state or in securities the
payments on which are dependent upon a single project or source of
revenues, or that relate to a sector or industry, including health
care facilities, education, special revenues and pollution control,
the fund will be more susceptible to associated risks and
developments.
Interest income from certain types of municipal securities in
which the Fund may invest generally may be subject to the federal
alternative minimum tax (the “AMT”). The Fund may not be suitable
for investors subject to the AMT. You should consult a tax adviser
about whether the AMT applies to you and about state and local
taxes on your Fund distributions.
Credit risk. If an issuer or guarantor of a security held
by the Fund or a counterparty to a financial contract with the Fund
defaults on its obligation to pay principal and/or interest, has
its credit rating downgraded or is perceived to be less
creditworthy, or the credit quality or value of any underlying
assets declines, the value of your investment will typically
decline.
Interest rate risk. Interest rates may go up, causing the
value of the fund’s investments to decline (this risk generally
will be greater for securities with longer maturities). Interest
rates are currently at or near historic lows, which may make a rise
in rates more likely.
Risk of illiquid investments. Certain securities and
derivatives held by the Fund may be impossible or difficult to
purchase, sell or unwind. Illiquid securities and derivatives also
may be difficult to value. Liquidity risk may be magnified in a
rising interest rate environment. If the Fund is forced to sell an
illiquid asset or unwind a derivatives position, the Fund may
suffer a substantial loss or may not be able to sell at all.
Amundi Distributor US, Inc., Member SIPC (Formerly Amundi
Pioneer Distributor, Inc.) 60 State Street, Boston, MA 02109 ©2021
Amundi Asset Management US
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210811005104/en/
Shareholder Inquiries: Please contact your financial
professional or visit www.amundi.com/us.
Broker/Advisor Inquiries Please Contact: 800-622-9876 Media
Inquiries Please Contact: Geoff Smith, 617-504-8520
Pioneer Municipal High I... (NYSE:MIO)
Historical Stock Chart
From Mar 2024 to Apr 2024
Pioneer Municipal High I... (NYSE:MIO)
Historical Stock Chart
From Apr 2023 to Apr 2024