Speculative grade bonds

The restructuring is on track to occur March 15, officials said.

If all goes to plan, officials say the deal would prevent the islands' pension system from running out of money.

Virgin Islands Sen. Kurt Vialet said he expects the legislature to approve the refunding bill by Monday. The current bill does not include an interest rate cap that killed a refunding deal attempted in September 2020.

While challenges abound — shuttered industries, outmigration and COVID — there are positive signs the territory’s economy can be boosted.

The junk-rated Chicago Public Schools sold $872 million of new-money and refunding bonds into a rockier market for high-yield paper Thursday.

The $35 million of tax-exempt and taxable notes were privately placed with Nuveen.

The governor wants to use savings to address the islands' $3.3 billion pension underfunding.

The speculative grade bond sale is part of the financial process of returning the Phoenix-based university to nonprofit status after years as a for-profit.

The government is also hoping an outside company will take over the Limetree oil refinery in St. Croix.

Moody's says Guam needs to be ready to respond to shortfalls.