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Western Asset Mortgage Defined Opportunity Fund Inc., a closed-end fund that invests in mortgage-backed securities, said Wednesday it raised $218.5 million in an initial public offering. In a closed-end fund, managers typically sell a limited number of shares in an initial public offering. They don't usually issue additional shares for new investors, forcing clients to buy from existing shareholders who wish to sell.
Western Asset's stock rose 4 cents from its offering price of $20 per share to close trading at $20.04. Legg Mason shares rose 15 cents to close at $25.72.
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