puerto rico bond news bloomberg

puerto rico bond news bloomberg

The Puerto Rico municipal bond mess has landed on the doorstep of Morgan Stanley, with mounting arbitration claims against the firm stemming from sales of the bonds and closed-end funds … ... (Bloomberg) -- Puerto Rico bonds … ... (Bloomberg) -- Puerto Rico bonds … New Stimulus Plan Gets More GOP Interest; McConnell Holds Ba... Wall Street’s Biden Fans Greet His Economy Team With Relief. (Bloomberg) -- Puerto Rico’s main bankruptcy case could end in early November under a schedule approved by the federal judge overseeing the island’s record-setting debt restructuring. The problem of Puerto Rico's $73 billion debt obligation is nothing new. Wall Street smoothed the island’s path to fiscal debacle, reaping more than $900 million in fees to manage Puerto Rico’s $126.6 billion of bond sales since 2000. The federal government extended Puerto Rico access to bankruptcy under the Promesa law. The island nation is going through a record-setting debt … U.K. Clears Pfizer Covid Vaccine for First Shots Next Week, NYC Outbreak Worsens; California Warns of Lockdown: Virus Update, The Best Car I Drove in 2020—Plus Eight Runners-Up, U.S. Covid Cases Found as Early as December 2019, Says Study, Morgan Stanley’s Wilson Says Stocks Overbought, Risk Correction, Investors will receive $10.7 billion of new bonds and also $3.8 billion in cash in exchange for Puerto Rico’s $17.8 billion of outstanding general obligations and commonwealth-guaranteed debt, Bondholders receive a mix of new bonds: 50% general obligations and 50% sales-tax bonds with a junior lien. (Bloomberg) -- One of the front-runners in Puerto Rico’s Nov. 3 gubernatorial race said he’s inclined to cancel the estimated $100 million contract that the island’s power authority recently signed to with … How Bipartisan Stimulus, McConnell Plans Stack Up: Side by S... Stocks Retreat From Records Amid Vaccine Concern: Markets Wr... Wall Street Keeps Pushing Into China as Washington Balks. Michael Bloomberg writes in a guest column for the Orlando Sentinel that Puerto Rico should become a state. Federal judge approves settlement covering sales-tax bonds known as Cofinas The Puerto Rican Capitol in San Juan. The island’s bonds climbed on the news. We combine Bloomberg’s global leadership in business and financial news and data, with Quintillion Media’s deep expertise in the Indian market and digital news delivery, to provide high quality business news, insights and trends for India’s sophisticated audiences. ORLANDO, Fla. - Democratic presidential candidate Michael Bloomberg says he supports statehood for Puerto Rico and will work to pass a bill to make it a reality. U.S. House Members Seek Probe into Puerto Rico Bond Trading Michelle Kaske , Bloomberg News (Bloomberg) -- A group of New York Congressional members are seeking an investigation into alleged insider trading of Puerto Rico debt by hedge funds as the firms were negotiating with the bankrupt island on how to reduce its debt. They said it could force bondholders to demand more security to lend to Puerto Rico. Before it's here, it's on the Bloomberg Terminal. Updates with federal lawmaker’s comment in the sixth paragraph. In a guest column in the Orlando Sentinel, Bloomberg writes that he has a robust economic and rebuilding plan to make Puerto Rico … Here are the details of the debt agreement: How Bipartisan Stimulus, McConnell Plans Stack Up: Side by S... Stocks Retreat From Records Amid Vaccine Concern: Markets Wr... Wall Street Keeps Pushing Into China as Washington Balks. Restructuring the securities requires approval from U.S. District Court Judge Laura Taylor Swain, who is overseeing the island’s bankruptcy, and Puerto Rico lawmakers. Photographer: Christopher Gregory/Bloomberg. Waller Confirmed for Fed With Shelton’s Nomination Still in... Biden’s Economy Lesson From Trump Shows Solo Action Doesn’t... U.S. Mortgage Rates Fall to a Record-Low 2.71% for 30-Year L... Democrats Scale Back on Stimulus to Prod McConnell to Talk, Boom in Fintech Bond Sale Platforms Risks Fragmenting Market, Debt agreement gives 2014 G.O.s 65.4 cents on the dollar, Island governor rejects deal absent boosts for public workers. Biden Urges Puerto Rico Debt Relief While Seeking Florida Votes Jennifer Epstein , Bloomberg News (Bloomberg) -- Democratic presidential nominee Joe Biden is calling on the federal government to offer debt relief to Puerto Rico as part of a broader plan to support the bankrupt U.S. territory as he works to appeal to Puerto … The world's largest single dish radio telescope stands at the Arecibo Observatory in Arecibo, Puerto Rico, on Aug. 25, 2017. The Capitol Building is seen past walls in the Old City of San Juan, Puerto Rico. Breaking with many of his fellow 2020 contenders, former New York City Mayor Michael Bloomberg is announcing his support for Puerto Rico becoming the nation's 51st state. : 65.4 cents on the dollar, up from an earlier offer of 35 cents, 2012 G.O. “The second great risk is what it means with regard to future potential access to markets and access to capital that Puerto Rico will of course need as they move forward.”, Representative Rob Bishop, the ranking Republican on the committee, said proposed changes to the Puerto Rico rescue law are unlikely to make it through the politically divided Congress. : 70.4 cents to 74.9 cents, depending on series, 2012 Public Buildings Authority: 72.2 cents, New bonds will mature over 20 years rather than over 30 years in prior agreement, Oversight board ends its legal challenge to cancel $6 billion of debt sold in 2012 and 2014, Previously, the board had argued the sales may have breached the island’s constitutional debt limits, Reduces annual debt service costs to $1.5 billion on the new restructured bonds and outstanding sales-tax debt, down from $4.2 billion the commonwealth paid in 2017. Other possible Promesa changes include auditing the commonwealth’s debt, establishing a reconstruction coordinator for Puerto Rico to manage federal funds to rebuild after Hurricane Maria and requiring additional disclosures from professionals employed by the oversight board to avoid potential conflicts of interest. Puerto Rico is currently negotiating over its plan to cut the central government’s bond debt and its obligations to pensioners, the biggest remaining chunk of obligations that have yet to be dealt with in the island’s more than two-year bankruptcy. The issue was exacerbated when President Donald Trump spoke before his visit to the capital, San Juan. Puerto Rico Ordered to Make Interest Payments on Pension Bonds. That follows a push in some quarters to give debt relief to the territory. The Background. “The risk of having that unsecured debt discharged raises the risk that creditors today in the midst of negotiations will demand better security for the debt and that security is costly to the government of Puerto Rico,” Jaresko said. Governor Wanda Vazquez rejected the agreement in its current form, saying it doesn’t ease pension cuts for public workers. Representative Raul Grijalva, the Democrat who chairs the House Natural Resources Committee, has proposed changing the Puerto Rico financial rescue law, known as Promesa, so the island could “discharge” its unsecured financial obligations once every seven years. Investors will receive through new bonds and the cash payment: 2014 G.O. The island’s bonds climbed on the news. (Bloomberg) -- The Caribbean countries of Barbados, Belize and the Bahamas, among the preferred playgrounds for the world’s wealthiest bankers, may soon become known instead for Wall Street’s dark side: Debt … Bloomberg also wants an independent audit of current debt and restructuring plans in Puerto Rico. General obligation bonds with an 8% coupon and maturing in … The potential deal would cut Puerto Rico general obligations and debt guaranteed by the commonwealth to $10.7 billion from $17.8 billion, about a 40% reduction. Aurelius Capital Management and Autonomy Capital, which hold securities sold in those years, joined the tentative agreement, which other bondholders signed in June. We combine Bloomberg’s global leadership in business and financial news and data, with Quintillion Media’s deep expertise in the Indian market and digital news delivery, to provide high quality business news, insights and trends for India’s sophisticated audiences. 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