Puerto Rico

Puerto Rico CFO Rafael Maldonado Gautier said that some Treasury professionals have been selling influence, issuing false licenses, and trying to extort him.

Submissions are now open for the Bond Buyer’s fourth class of Rising Stars, an honor which showcases the brightest young minds in the municipal bond industry.

They say a ruling in the Aurelius case reinforces their contention that the Puerto Rico Oversight Board is a federal body.

The U.S. Supreme Court agreed to hear a case that could upend the work of the oversight board tasked with pulling Puerto Rico out of its record bankruptcy.

The Oversight Board has reached an agreement with the Committee of Retirees that makes a flat 8.5% cut to pensions over $1,200 a month and does not change payments to the 61% of current retirees who receive monthly pensions of $1,200 or less.

The U.S. Senate has until July 14 to act.

Citing new uncertainties surrounding revenue credits, Moody's downgraded the Illinois State Toll Highway Authority ahead of a $300 million deal.

The Federal Open Market Committee is meeting this week and the muni market is looking for rate cut signals.

The overall recovery would be in the 36% to 38% range under its restructuring plan for $35 billion in bonds.

Another big week lies in store for the municipal bond market, with a variety of big name issuers ready to sell bonds.