Puerto Rico Sales Tax Financing Corp (COFINA)

The board has claimed its policies must be followed to make money available for bond payments.

Bondholders have long complained about the local government's lack of timely and accurate financial information.

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 municipal market will see only $74 million of deals in a holiday-shortened week, raising demand for supply the week after.

Ipreo estimates weekly bond volume at $73.8 million, consisting only of competitive sales and no negotiated deals.

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.

Municipal bonds were little changed on Monday as supply concerns prompted Bank of America Merrill Lynch to cut its 2018 forecast to $365 billion of issuance.

Bank of America Merrill Lynch has revised its forecast for yearly municipal bond volume down to $365 billion.

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

Municipal buyers expect the city of Los Angeles to hit the market running as it plans to competitively sell almost $1.9 billion of notes and bonds.

Municipal buyers will see a $5.3 billion new issue calendar next week, with the biggest deals coming out of Los Angeles.

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