JPMorgan Acquires $74.3M Certificate in Nuveen Municipal Credit Transaction
JPMorgan Chase Bank, N.A. has completed a significant transaction involving Nuveen Municipal Credit Opportunities Fund (NMCO). On October 1, 2026, the bank transferred 990 Series C MuniFund Preferred Shares it directly owned to the National Finance Authority. In exchange, JPMorgan received an amount equal to the liquidation preference component of the purchase price, totaling $98,943,550.24, plus $0 in accrued dividends.
The National Finance Authority then placed these shares in a trust arrangement, issuing National Finance Authority Certificates Series 2026-PS2. Through this trust, JPMorgan acquired a Class A Certificate for $74,250,000, securing an indirect beneficial ownership interest in the 990 shares.
As a result of this transaction, JPMorgan no longer holds any direct shares of the Series C MuniFund Preferred Shares but maintains indirect beneficial ownership through the trust arrangement. This move underscores JPMorgan's strategic financial maneuvers in the municipal credit space.