Investment News writes "​Nuveen offers new breed of ARS", which says the Nuveen Insured New York Dividend Advantage Municipal Fund will offer "$​50 million of what it calls Variable Rate Demand Preferred shares." IN says, "​It is hoped the sale -- the first of its kind -- will finally allow investors stuck in auction rate preferred securities previously issued by the fund to cash out at par value. VRDP shares will be offered only to qualified institutional buyers, such as money market funds."

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