Puerto Rico’s Retail Trading Mess

According to EMMA, an institutional-size block traded this morning (3/21/14) at 92.75. The deal originally came came at 93.

PR Expected To Return To Wall St With $2 Billion Financing Should be for COFINA and the new COFIM.

Luis Fortuno, the Ex-Governor of Puerto Rico, was invited to speak in front of the Boston Municipal Analysts Forum yesterday(3/13). Here are the highlights: PR’s economic outlook will remain grim for the near future. The gap in GDP growth between PR and the US is projected to grow from 2.7% to 5.5% by 2015 (US […]

Puerto Rico’s Mega-Issue: A Post-Mortem

After reviewing the POS and the preliminary price talk released this morning, we have the following observations: 1. The POS does a reasonably good job of listing all the potential risk scenarios, although we didn’t see anything that hasn’t been discussed at length before, by either ourselves or others. The GDB’s liquidity position is as […]

Legal Highlights in Puerto Rico’s “Draft POS” For Upcoming Bond Issue