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FTfmJohn Dizard
Puerto Rico bondholders rejoice in political turmoil
...The controversial commonwealth general obligation (GO) issue of 2014, originally bought by hedge funds and threatened with delegitimisation by the oversight board, started to soar in June from its depressed...
August 9, 2019
Puerto Rico
Puerto Rico strikes $35bn debt restructuring deal
...“The people of Puerto Rico will finally be able to live without the uncertainty of unsustainable government debt that so profoundly affected the commonwealth’s ability to attract investors, create jobs and...
June 17, 2019
FT Live
Future of Asset Management Europe
New fund firm models for Europe's resurgence
Tuesday, 12 NovemberLondon, UK
Puerto Rico
Puerto Rico governor resigns following protests
...Puerto Rico’s bondholders welcomed the much-anticipated resignation, with the US commonwealth’s general obligation bonds maturing in 2035 hovering near a three-month high....
July 25, 2019
FTfmJohn Dizard
Puerto Rico’s number-crunching frustrates even the best minds
...But it is a commonwealth, not a republic. The effective meaning of the term “commonwealth” and the degree of its independence will eventually be defined by the US Supreme Court....
March 15, 2019
Letter
Cofina structure reflects a genuine compromise in Puerto Rico
...of Puerto Rico’s largest debt issuance....
November 13, 2018
FTfmJohn Dizard
Bondholders face a greater likelihood of haircuts
...For example, last week the federally appointed fiscal oversight board for Puerto Rico announced that it would seek to invalidate $6bn of bonds issued after 2012 by the commonwealth government....
January 25, 2019
FT Live
Future of Asset Management Asia
Optimising fund firm models for Asia’s ascent
Wednesday, 8 MayMarina View, #2 The Westin Singapore, SingaporeSingapore 018961, Singapore
FTfmJohn Dizard
‘Bottom-feeding’ hedge funds are big winners on Puerto Rico bonds
...The biggest winners among speculators in the Commonwealth of Puerto Rico’s debt were those who had bought its senior “Cofina” bonds, secured by receipts from a “sales and use tax”....
November 9, 2018
Capital markets
Puerto Rico reaches deal with creditors to restructure sales-tax bonds
...A speedy resolution would provide recoveries of 93 cents and 56 cents, respectively. The Commonwealth is also paying a 2-per-cent fee to a group of mediation participants....
August 8, 2018
FTfmJohn Dizard
Scour the muni-bond backwaters for the best fixed-income assets
...We should not ignore the disasters, of course, such as Detroit and Puerto Rico....
January 3, 2019
FTfmJohn Dizard
The problem of Puerto Rico won’t go away
...Creditors have pointed to financial and economic data that show Puerto Rico is not as broke as the commonwealth claims and has not experienced as severe a depopulation as predicted....
July 20, 2018
FT AlphavilleAlexandra Scaggs
Against states' rights
...This matters primarily because the federal government has lots of money, and the Commonwealth does not....
August 7, 2018
US tax
Trump tax changes raise fears the rich will flee New York
...John Paulson, the hedge fund investor who made billions of dollars in the financial crisis, told the FT he planned to move from midtown Manhattan to the low-tax US commonwealth of Puerto Rico — and suggested...
April 14, 2019
Capital markets
Puerto Rico sales tax bonds rally on bondholder agreement terms
...Debt backed by a portion of Puerto Rico’s sales tax rallied in active trading on Friday following the disclosure of the terms of an agreement between two major bondholder groups....
June 8, 2018
FTfmJohn Dizard
Some of Puerto Rico’s bondholders will be crushed
...Puerto Rico bonds are the most rewarding bond speculation of the year so far . . . as well as being part of one of the weirdest spectacles in the financial world....
April 27, 2018
Capital markets
Puerto Rico plans privatisation of state electricity provider
...The Puerto Rico governor plans to privatise the commonwealth’s troubled electric utility, months after the US territory was hit by the strongest storm to reach its shores in nearly a century....
January 22, 2018
FT Live
Future of Asset Management North America
New models for the next age of fund management
Wednesday, 25 SeptemberNew York, NY, USA
FTfmJohn Dizard
Restoring Puerto Rico’s essential services will be a huge task
...of Puerto Rico’s bonded debt....
September 22, 2017
FT AlphavilleJamie Powell
The hypothetical reunification of Korea
...Given the long and macabre dance around reunification North and South Korea have been in since the Korean National Commonwealth Formula was announced in 1989, we're not holding our breath....
May 10, 2018
US politics & policy
Trump to visit Puerto Rico after criticism of crisis response
...The incentives brought scores of US multinationals to the island, including a number of pharmaceutical groups, and by the early 1990s more than a tenth of the jobs in Puerto Rico were linked to the subsidies...
September 26, 2017
US politics & policy
US cities brace for arrival of fleeing Puerto Ricans
...Mainland US cities with large Puerto Rican populations are warning that they will need federal help to cope with an anticipated influx of island residents fleeing the devastation visited on the US commonwealth...
September 28, 2017
News in-depthThe Big Read
Puerto Rico after the storm: an island on the edge
...They were created in 2006 to help Puerto Rico borrow billions more. The two account for $31bn of Puerto Rico’s $74bn of bond obligations that will fall due over the next four decades....
October 8, 2017
Capital markets
Puerto Rico governor seeks to trigger debt restructuring
...Already, a handful of lawsuits have been filed against the commonwealth, its officials and governor Rossello....
May 3, 2017
FTfmJohn Dizard
Puerto Rico faces worse debt crisis than Argentina
...The bankruptcy process that the Commonwealth of Puerto Rico is about to enter under Article III of the federal Promesa law adopted last year threatens an eternity of government cheese for the island’s people...
April 28, 2017
Capital markets
Puerto Rico files for record US debt restructuring
...Already, a handful of lawsuits has been filed against the commonwealth, its officials and Mr Rosselló....
May 3, 2017
Sovereign bonds
Puerto Rico to start restructuring talks with creditors ‘immediately’
...Complicating restructuring talks is the tangled nature of Puerto Rico’s financial liabilities, which are a messy mix of “general obligation” bonds guaranteed by the commonwealth’s constitution, “Cofina”...
March 13, 2017
Global Economy
Puerto Rico faces flurry of lawsuits as debt deadline nears
...Haircuts could be lower if Puerto Rico meets certain fiscal targets, according to the draft of the plan....
May 1, 2017

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