Drop in Smoking Threatens Embattled Tobacco Bonds

PR Senate Approves Bond Issue

Detroit’s Bankruptcy: GM Redux?

As expected, PR GOs are staging a significant relief rally in the wake of the 2/18 investor webcast. According to Municipal Market Data, PR GO spreads vs AAA in 5 and 10 years have tightened by 115 BP in the last week alone (through 2/21).The 30 year range has also rallied, but more modestly, with […]

PR Whats Not Being Talked About-Axios Research 02-21-14

TXU/Energy Future Holdings Potential Bankruptcy Has Muni Implications According to Bloomberg, there are about $1.3 billion in TXU-backed munis still outstanding. Another “distressed” muni name to add to the list.

Puerto Rico’s Latest Investor Webcast: Early Takeaways

As reported yesterday by our friends at Municipal Market Advisors, Sen. Harkin and Reps. Waxman and Welch have sent a letter to the Atty Gals of the States of CA, IA & VT, urging them to consider adding e-cigarettes to the list of tobacco items covered by the Master Settlement Agreement. Although tobacco bonds have […]

Puerto Rico: The Next Emerging Market Credit?

COFINA Bondholders, Take Note:  Bondholders of the highest-rated bonds issued by the Commonwealth would do well to watch for upcoming legislation that will overhaul the means by which the Commonwealth imposes sales taxes.  The Padilla Administration is looking to the same consultants who worked in 2000 with the then-Calderon administration to overhaul the tax structure […]