The problem of Puerto Rico's $73 billion debt obligation is nothing new. Biden Urges Puerto Rico Debt Relief While Seeking Florida Votes Jennifer Epstein , Bloomberg News (Bloomberg) -- Democratic presidential nominee Joe Biden is calling on the federal government to offer debt relief to Puerto Rico as part of a broader plan to support the bankrupt U.S. territory as he works to appeal to Puerto … Before it's here, it's on the Bloomberg Terminal. The potential deal would cut Puerto Rico general obligations and debt guaranteed by the commonwealth to $10.7 billion from $17.8 billion, about a 40% reduction. Puerto Rico is currently negotiating over its plan to cut the central government’s bond debt and its obligations to pensioners, the biggest remaining chunk of obligations that have yet to be … Before it's here, it's on the Bloomberg Terminal. Michael Bloomberg writes in a guest column for the Orlando Sentinel that Puerto Rico should become a state. ORLANDO, Fla. - Democratic presidential candidate Michael Bloomberg says he supports statehood for Puerto Rico and will work to pass a bill to make it a reality. The Puerto Rico municipal bond mess has landed on the doorstep of Morgan Stanley, with mounting arbitration claims against the firm stemming from sales of the bonds and closed-end funds … ALL BONDS Ser 1998, OID: 92.439, Cont Callable, Next Call 03-22-2019 @ 100.000, Priced to Call 07-01-2019 @ 4.478, Mandatory … We combine Bloomberg’s global leadership in business and financial news and data, with Quintillion Media’s deep expertise in the Indian market and digital news delivery, to provide high quality business news… The Capitol Building is seen past walls in the Old City of San Juan, Puerto Rico. We combine Bloomberg’s global leadership in business and financial news and data, with Quintillion Media’s deep expertise in the Indian market and digital news delivery, to provide high quality business news, insights and trends for India’s sophisticated audiences. The island’s bonds climbed on the news. General obligation bonds with an 8% coupon and maturing in … Xavier Garcia / Bloomberg via Getty Images file Nov. 19, 2020, … “The second great risk is what it means with regard to future potential access to markets and access to capital that Puerto Rico will of course need as they move forward.”, Representative Rob Bishop, the ranking Republican on the committee, said proposed changes to the Puerto Rico rescue law are unlikely to make it through the politically divided Congress. “The idea that they’d be passed in the Senate or signed by a president is delusional at best.”. Puerto Rico Oversight Board Member Andrew Biggs said he was pessimistic about Puerto Rico's long-term future. Currently, an appointed fiscal control board oversees Puerto Rico’s debt crisis and some … puerto rico comwlth public impt ref bds GEN PURP/PUB IMPT ULT G.O. Other possible Promesa changes include auditing the commonwealth’s debt, establishing a reconstruction coordinator for Puerto Rico to manage federal funds to rebuild after Hurricane Maria and requiring additional disclosures from professionals employed by the oversight board to avoid potential conflicts of interest. Representative Raul Grijalva, the Democrat who chairs the House Natural Resources Committee, has proposed changing the Puerto Rico financial rescue law, known as Promesa, so the island could “discharge” its unsecured financial obligations once every seven years. Have a confidential tip for our reporters? Waller Confirmed for Fed With Shelton’s Nomination Still in... Biden’s Economy Lesson From Trump Shows Solo Action Doesn’t... U.S. Mortgage Rates Fall to a Record-Low 2.71% for 30-Year L... Democrats Scale Back on Stimulus to Prod McConnell to Talk, Boom in Fintech Bond Sale Platforms Risks Fragmenting Market, Debt agreement gives 2014 G.O.s 65.4 cents on the dollar, Island governor rejects deal absent boosts for public workers. The federal government extended Puerto Rico access to bankruptcy under the Promesa law. We combine Bloomberg’s global leadership in business and financial news and data, with Quintillion Media’s deep expertise in the Indian market and digital news delivery, to provide high quality business news, insights and trends for India’s sophisticated audiences. (Bloomberg) -- Puerto Rico’s main bankruptcy case could end in early November under a schedule approved by the federal judge overseeing the island’s record-setting debt restructuring. “Any of the proposals that have been floating out there aren’t going anywhere,” Bishop said during the hearing. Restructuring the securities requires approval from U.S. District Court Judge Laura Taylor Swain, who is overseeing the island’s bankruptcy, and Puerto Rico… They said it could force bondholders to demand more security to lend to Puerto Rico. U.S. House Members Seek Probe into Puerto Rico Bond Trading Michelle Kaske , Bloomberg News (Bloomberg) -- A group of New York Congressional members are seeking an investigation into alleged insider trading of Puerto Rico debt by hedge funds as the firms were negotiating with the bankrupt island on how to reduce its debt. (Bloomberg) -- The Caribbean countries of Barbados, Belize and the Bahamas, among the preferred playgrounds for the world’s wealthiest bankers, may soon become known instead for Wall Street’s dark side: Debt … : 69.9 cents, up from an earlier offer of 45 cents, Vintage G.O. In a guest column in the Orlando Sentinel, Bloomberg writes that he has a robust economic and rebuilding plan to make Puerto Rico … … Breaking with many of his fellow 2020 contenders, former New York City Mayor Michael Bloomberg is announcing his support for Puerto Rico becoming the nation's 51st state. Aurelius Capital Management and Autonomy Capital, which hold securities sold in those years, joined the tentative agreement, which other bondholders signed in June. U.K. Clears Pfizer Covid Vaccine for First Shots Next Week, NYC Outbreak Worsens; California Warns of Lockdown: Virus Update, The Best Car I Drove in 2020—Plus Eight Runners-Up, U.S. Covid Cases Found as Early as December 2019, Says Study, Morgan Stanley’s Wilson Says Stocks Overbought, Risk Correction, Investors will receive $10.7 billion of new bonds and also $3.8 billion in cash in exchange for Puerto Rico’s $17.8 billion of outstanding general obligations and commonwealth-guaranteed debt, Bondholders receive a mix of new bonds: 50% general obligations and 50% sales-tax bonds with a junior lien. April 3, 2019 / 9:03 PM / a year ago ... $6 billion of defaulted general obligation bonds sold in 2012 and 2014 on the basis they were issued in violation of debt limits in Puerto Rico … Federal judge approves settlement covering sales-tax bonds known as Cofinas The Puerto Rican Capitol in San Juan. Updates with federal lawmaker’s comment in the sixth paragraph. 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