Commonwealth of Puerto Rico

Without a successful appeal, Employees Retirement System bondholders won't get their bond payments during the bankruptcy.

As Sunday's fiscal deadline approaches the legislature is hammering out a budget that's $500 million bigger than the Oversight Board's plan.

German Ramirez and Richard Prann of HJ Sims talk from Puerto Rico about the situation on the island and discuss COFINA and the IRS, what's new with the GDB bonds and with the commonwealth's GOs. Chip Barnett hosts.

Puerto Rico CFO Rafael Maldonado Gautier said that some Treasury professionals have been selling influence, issuing false licenses, and trying to extort him.

As expectations for a Fed rate cut grow, muni supply shrinks amid rising demand for bonds.

They say a ruling in the Aurelius case reinforces their contention that the Puerto Rico Oversight Board is a federal body.

The U.S. Supreme Court agreed to hear a case that could upend the work of the oversight board tasked with pulling Puerto Rico out of its record bankruptcy.

The municipal bond market went back to school on Tuesday as the Federal Reserve met in Washington.

The U.S. Senate has until July 14 to act.

The Federal Open Market Committee is meeting this week and the muni market is looking for rate cut signals.

The overall recovery would be in the 36% to 38% range under its restructuring plan for $35 billion in bonds.

Another big week lies in store for the municipal bond market, with a variety of big name issuers ready to sell bonds.

The PRIDCO deal would be the fifth restructuring proposed or consummated under the Puerto Rico Oversight, Management, and Economic Stability Act of 2016.

The agreement “would increase prices by up to 21%” and it’s “highly unlikely PREPA will be able to completely offset the legacy debt charges,” resulting in “considerably higher electricity rates for decades to come,” said the letter signed by four senators and 32 House members.

The Oversight Board called the deal to reduce cuts to retirees a "crucial step" toward restructuring $25 billion in bonds and loans.

He said the board has been inaccurate in its financial predictions and that he wouldn’t participate in any cuts to pensioner benefits.

The central government has $2.2 billion more than projected, raising hopes that bondholder losses may be mitigated.

The commonwealth overall has been allocated $42.3 billion in disaster aid since Hurricanes Maria and Irma struck the island, not counting the new funding approved by Congress.

Municipal bond buyers are prepared Monday to see almost $7 billion of volume head their way this week.

The board referred 13 public entities to the Puerto Rico Secretary of Justice and U.S. Department of Justice.