Commonwealth of Puerto Rico

The Oversight Board seeks to recover $1.42 billion in fees on bond deals and interest rate swaps.

Net revenues for September and October came in 12.3% above budgeted projections.

The island expects federal government funds to provide the lion's share of its resources in 2021-2025.

The bond issuance was one step of several taking place Tuesday stemming from the court approval of the HTA plan of adjustment, which reduces HTA's $6.4 billion of total claims by more than 80%.

At stake was the treatment of nearly $1 billion of Puerto Rico bonds and notes.

Had the teachers' challenge succeeded, the cost to Puerto Rico could have been $1 billion. A challenge to the plan from credit unions is before the First Circuit Court of Appeals.

Puerto Rico Gov. Pedro Pierluisi told lawmakers he would not support a PREPA debt settlement that would cause "extraordinary increases in the cost of electricity."

Robert Mujica Jr.'s experience with New York State debt makes him a good choice, according to an observer.

Revenues were up while economic activity slipped, with some observers suggesting Hurricane Fiona may have had a negative impact on the economy.

The appeals court judges seemed unmoved by the arguments.

The Puerto Rico Oversight Board is seeking the return of fees connected with Puerto Rico bonds and swaps.

Puerto Rico's Fiscal Agency and Financial Advisory Authority said it "is available to assist the municipalities, as financial advisor and fiscal agent of the Government, on any restructuring that it deems necessary."

The statement could be interpreted as also suggesting a restructuring of $242 million in bonds.

But it still remains slightly higher than it was a year ago.

The board says the law will reduce economic activity and government revenues.

Although he called them "excessive and arbitrary," Gov. Pedro Pierluisi agreed to create a reserve fund, reduce the maximum conservation easement tax credit, and freeze implementation of a physician tax incentive.

Revenues were 14.4% higher than those in the previous fiscal year.

The Oversight Board told Gov. Pedro Pierluisi he must take steps to make sure it's revenue neutral or it could block the new tax.

While a smaller population could be economically negative, the revised count lowers the median age, which would be positive.

The indictment of Wanda Vázquez is the latest in a series of corruption charges against Puerto Rico politicians over the last 18 months.