Commonwealth of Puerto Rico

Municipal bond activity returns to a near-normal level as a slew of deals heads into the market, led by New York and California issuers.

Ipreo estimates weekly bond volume at $6.6 billion, consisting of $5.5 billion of negotiated deals and $1.2 billion of competitive sales.

The board responded that it would vigorously defend its budget and fiscal plan.

Governor Ricardo Rossello called for an extraordinary session of the legislature in a bid to make the island more attractive for investment by peeling back worker protections.

Three rulings by the U.S. Supreme Court this term will have a lasting impact on the finances of many municipal bond issuers, Fiera Capital says.

Some Puerto Rico issues were trading lower on Monday after a federal watchdog approved a revised budget for the commonwealth over the weekend.

Oversight Board members blamed the reduction in available revenue in part on local government's failure to introduce at-will employment.

There are two proposals being negotiated but one attorney says the discussions may go nowhere.

The board plans to approve a Puerto Rico budget by the end of Saturday.

Revenues through the first 11 months of the fiscal year were 1% ahead of projections.

Senate president threatens lawsuits against anticipated Oversight Board labor policy and budget.

The legislature faces a June 30 deadline for making labor law changes or the Oversight Board will impose a previously certified plan that includes reductions in employee benefits.

Without a centralized review, a series of fragmented studies could well create a quagmire for the bankruptcy court.

The territorial government's resistance to the labor law may prompt Oversight Board to approve its own version of the budget due this month.

Municipal bonds held firm on Monday ahead of the week’s two biggest deals on opposite ends of the credit spectrum.

Municipals were mostly stronger at mid-session, as the market waits for the start of the week’s moderately sized new issue calendar.

Municipal bond buyers are looking with anticipation at the week’s calendar and the arrival of a big California tobacco bond deal.

Major Puerto Rico bondholders are balking at a tentative agreement that would steer to owners of sales-tax-backed debt a large chunk of the revenue they’ve been pledged, threatening to prolong a fight over one of the biggest issues in the island’s record-setting bankruptcy.

A brief period of peace between the Oversight Board and the governor may soon end.

The proposed settlement may determine how much money is available for the biggest class of bondholders in Puerto Rico's municipal bankruptcy.