Commonwealth of Puerto Rico

President Trump’s proposed budget allocates Puerto Rico $1.24 billion more Medicaid spending than the federal government had promised.

Puerto Rico put its Highways and Transportation Authority and Employees Retirement System into bankruptcy affecting $9.5 billion of debt.

Puerto Rico’s April employment rose above 1 million for the first time since August 2013.

The first hearing of the Puerto Rico Title III case on Wednesday reinforced that the battle between general obligation and Puerto Rico Sales Tax Financing Corp. (COFINA) bondholders will be a central issue as the biggest municipal restructuring gets underway.

Puerto Rico’s debt reorganization hearings began with a decision by Judge Laura Taylor Swain to consolidate administration of two existing filings affecting about $30 billion of bonds.

The Government Development Bank for Puerto Rico reached a deal with its creditors to restructure its $4.1 billion in debts.

Municipal bonds were stronger at mid-session, according to traders, who were looking ahead to next week’s still healthy new issue calendar, which is estimated at $8.79 billion.

The Puerto Rico Oversight Board’s Title III cases got new case numbers on Thursday.

The COFINA bond trustee declared a default and COFINA Senior holders called for payments to COFINA Subordinate holders to end.

Illinois lacks a path to restructure state debt but Puerto Rico's filing heightened chatter.