Puerto Rico

Treasury Secretary Jack Lew added to the pressure for quick passage of a Puerto Rico rescue bill in a letter to the Senate leadership on Monday, even as some public finance professionals maintain the bill is unnecessary and could be harmful for the commonwealth.

Puerto Rico said it would not be paying bond anticipation notes from the Puerto Rico Infrastructure Finance Authority.

A debate about a bill to help the Puerto Rico Aqueduct and Sewer Authority sell a bond has degenerated into angry exchanges between Puerto Rico House and Senate leaders.

Puerto Rico and Obama administration officials said on Thursday it is imperative that a House bill designed to help the commonwealth be passed into law before the territory’s expected debt payment default on July 1.

The Senate is expected to keep Puerto Rico waiting for progress a House bill to help the island address its debt crisis, as other options for the commonwealth have continued to be eliminated.

The Puerto Rico Energy Commission approved a mechanism to support the restructuring of the debt of the Puerto Rico Electric Power Authority.

Hedge funds holding Puerto Rican general obligation bonds sued the commonwealth Tuesday after debt restructuring talks broke down.

The Bonistas del Patio, or “Backyard Bondholders,” is holding a forum on Monday, June 27, which will focus on the Commonwealth’s current bond situation, investments, and vision for the future. HJ Sims is participating in the event which features a special panel with appearances by the Puerto Rico gubernatorial candidates.

Even before the Senate takes up the House Puerto Rico bill, the names of several individuals are being floated as possible candidates for the oversight board the legislation would create.

Three Puerto Rico legislators are proposing a bipartisan bill aimed at avoiding a July 1 default through a bondholder exchange.