Puerto Rico

The Investment Company Institute on Wednesday reported $2.258 billion of outflows in the week ending March 9, down from $3.502 billion of outflows in the previous week.

A status report on the PREPA deal is due by noon on Friday.

Puerto Rico completed the exchange of more than $33 billion of existing bonds and other claims into $7 billion of new bonds plus cash and CVIs on Tuesday.

Restructured muni debt has "typically outperformed the broader muni market, as issuers emerge from bankruptcy with higher debt-servicing capacity and the debt re-enters the municipal high-yield index," noted PIMCO.

The ruling means the restructuring set for Tuesday will proceed.

The judges appeared skeptical about the need for a stay.

Judge Laura Taylor Swain says the termination of the PREPA deal could be a "major setback" to adjusting the authority's liabilities.

While the governor is hoping for a deal that would be cheaper for Puerto Rican consumers, the result may be the opposite, critics say.

A group of bondholders and bond insurers also submitted on Sunday a statement opposing the teachers’ request for stay.

The teachers are trying to prevent enactment on March 15.