Puerto Rico

Both board members and government officials reiterated their stances on cuts to public pensions — for and against — but neither party said agreements had been reached during the meeting.

Island employment was up overall from 2020 figures.

Funding would be offered, perhaps for pensions, in exchange for a debt restructuring.

The governor and the legislature are at odds on how to make the increases, which could affect more than half of the workforce.

The authority succeeded in selling unrated bonds to take out CCC-rated bonds.

The underestimate came as the board was concerned about the impact of COVID-19 on the island's economy.

Even if the Oversight Board can legally approve new debt for the deal, some market participants say the future "willingness to pay" is the larger consideration.

The board will say it has treated the creditors fairly, it meets the 'best interest' test for debtors, and its plan preempts dozens of local laws.

Judge Swain also allowed Debt Recovery Authority bondholders efforts to protect their collateral to continue.

The board recommended federal policymakers talk with Puerto Rico’s government about ways to increase pharmaceutical and medical products manufacturing on the island to expand economic development.