Government sweetens likely returns on new PPIP fund from BlackRock

07/29/2009 | Wall Street Journal, The

The generous, inexpensive financing provided by the government under its Public-Private Investment Partnership, or PPIP, standing alone, could substantially boost returns from BlackRock's new closed-end fund that will invest in commercial and residential mortgage-backed securities. There's no urgency to invest right away in the BlackRock Legacy Securities Public-Private Trust. Shares in closed-end funds typically sell at a premium to net asset value when they go public, falling below NAV after they've been trading for a while.

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