Puerto Rico

Swain said several mediators involved in the central government's plan of adjustment are unavailable for the PREPA deal. The Oversight Board says the local legislature will not be included in the negotiations.

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.