Puerto Rico

Funding would be offered, perhaps for pensions, in exchange for a debt restructuring.

The governor and the legislature are at odds on how to make the increases, which could affect more than half of the workforce.

The authority succeeded in selling unrated bonds to take out CCC-rated bonds.

The underestimate came as the board was concerned about the impact of COVID-19 on the island's economy.

Even if the Oversight Board can legally approve new debt for the deal, some market participants say the future "willingness to pay" is the larger consideration.

The board will say it has treated the creditors fairly, it meets the 'best interest' test for debtors, and its plan preempts dozens of local laws.

Judge Swain also allowed Debt Recovery Authority bondholders efforts to protect their collateral to continue.

The board recommended federal policymakers talk with Puerto Rico’s government about ways to increase pharmaceutical and medical products manufacturing on the island to expand economic development.

Revenues were also ahead through the first 11 months of fiscal 2021.

Bankruptcy Judge Swain conditionally approved the Disclosure Statement, moving the Plan of Adjustment closer to a vote, but questions remain on how new bonds for the deal will be resolved.

The Oversight Board reached the deal with Ambac Assurance and Financial Guaranty Insurance Company on PRIFA rum tax bonds. The two insurers had been important holdouts from the central government debt deal.

Preliminary yields in the offering memorandum show spreads of 112 to 169 basis points over triple-A benchmarks, substantially lower than spreads seen in a successful speculative grade PRASA refunding in December.

While the truckers returned to work Thursday night, their union said board interference could lead to a renewed strike.

The economic impact of the strike will depend on how long it lasts and how many truckers stick with it.

The agency withdrew its ratings on the commonwealth and all of its authorities for its own business reasons.

Alleged supervisory failures led to unsuitable trading patterns of Puerto Rico and other bonds, FINRA found.

Lawyers for the commonwealth warned that Puerto Rico’s legislature will not pass the legislation for new bonds needed by the plan of adjustment if the plan cuts pensions.

The Oversight Board struck a deal with the main group of the territory’s unsecured creditors, easing the path to final court approval of a debt restructuring.

Pedro Pierluisi proposed two measures as an alternative to Law 7-2021, over which the Oversight Board sued the governor and the legislature a week ago.

Puerto Rico's government would pay attorneys to represent the interests of bondholders who own less than $1 million of Puerto Rico bonds.