Puerto Rico

Walter Higgins plans to submit his resignation because an unexpected family incident will keep him out of Puerto Rico, the governor said.

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

The Financial Industry Regulatory Authority has already barred Jose Ramirez from the securities industry, his lawyer said.

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.