Bloomberg writes "​Blackrock, Nuveen Sell New Preferred Haunted by Failed Auctions", saying, "Nuveen Investments Inc., BlackRock Inc. and Eaton Vance Corp., the biggest U.​S. closed-​end fund companies, plan to sell a new form of preferred share that can be bought by money-​market funds." It quotes Peter Crane, "I think the funds are going to be gun-​shy.... The last thing they want is to be in a story that they'​re buying auction-​rate securities." The piece also quotes Reserve'​s Bruce Bent, "There are certain advantages to being a pioneer, but not a pioneer with an arrow in his back."

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