Commonwealth of Puerto Rico

The fiscal Oversight Board estimates $62 billion of disaster relief funding from federal and private sources will boost the island’s economy for the next few years.

The Financial Oversight and Management Board for Puerto Rico approved the plan by a 6-1 vote Thursday after negotiations with the commonwealth’s government failed.

With tax season in the rear view mirror, supply is set to rise to $7.8 billion as demand rebounds.

Next week's $7.8 billion new issue slate features airport and water deals coming from New York and Texas issuers.

The Puerto Rico Oversight Board’s new fiscal turnaround plan for the commonwealth may more than double debt payments to bondholders compared with earlier proposals.

The latest turnaround plan projects a surplus of $6.7 billion over the next six years before debt payments, about $400 million more than Gov. Ricardo Rossello estimated earlier this month.

Municipal market volume will rise by two-thirds to $7.45 billion in the coming week, led by a $2 billion taxable deal from California.

German Ramirez of HJ Sims talks from Puerto Rico about the situation on the island, and discusses PREPA, the Commonwealth’s fiscal plan, the future of public-private alliances and what it all means for bondholders. Chip Barnett hosts.

Matosantos' ownership of renewable energy businesses on the island is said to conflict with responsibility overseeing PREPA.

General obligation holders said that the sales taxes supporting COFINA are resources that the territory's constitution promises to them.

People involved in the $3.5 billion sale received notices that there would be no enforcement action.

The board may choose to approve its own version of the plan by April 20, setting up a legal and political fight for control of the Puerto Rico government.

The vote came as Gov. Rossello said his fiscal plan will not accede to board demands.

Rosselló says that Rep. Rob Bishop is placing the needs of the bondholders over those of Puerto Rico residents.

Other Puerto Rico officials joined Gov. Ricardo Rosselló in resisting the board's demands for austerity

The second-quarter kicked off Monday with a little more optimism among municipal market participants after "one of the worst quarters in a long, long time."

Natural Resources Committee Chairman Rob Bishop complained that "intentional misinterpretations" of the "PROMESA" law may mean U.S. promises to Puerto Rico will take "decades" to fulfill.

The influx of volume may give the boost that's needed to jump-start the primary market.

Rosselló said PROMESA allows the Oversight Board to make public policy recommendations, but not to order labor law reforms and pension cuts.

The municipal bond market will see almost $7.9 billion of new deals head their way next week, as New Jersey tobacco's dominate the calendar.