Backyard Bondholders Inc. will host its first major forum on June 27, featuring a series of conferences focusing on how Puerto Rico’s fiscal crisis is directly affecting more than 60,000 island residents holding bonds representing some $15 billion in public debt.
The event, which is open to the public, will be held at the Puerto Rico Convention Center starting at 8 a.m., organizers said. Representatives from a spectrum of sectors — federal government, legislators, government of Puerto Rico, gubernatorial candidates, bondholders, fund managers, economists and other stakeholders — are expected to attend.
“This event is a great opportunity for education and counseling for all Puerto Rico bondholders, in which the current situation will be discussed after the adoption of the PROMESA bill in Congress and the direct consequences that decisions being taken at the federal level will have on Puerto Ricans, “said Jorge Irizarry, executive director of Backyard Bonholders Inc.
The event begins with a panel composed by members of the government’s fiscal team who will present their proposals and the government’s vision.
The afternoon schedule includes a series of panels, starting with one featuring the candidates running for Puerto Rico governor, who will unveil their positions to the bondholders. Confirmed so far are: David Bernier, president of the Popular Democratic Party; Ricardo Rosselló, president of the New Progressive Party; Rafael Bernabé, president Worker’s Party; and independent candidates Alexandra Lúgaro and Manuel Cidre. The president of the Puerto Rican Independence Party, Sen. María de Lourdes Santiago, who is running for that party, declined to participate in the forum as she will be present at the Capitol for the end of the legislative session.
Another panel will attempt to inform bondholders on whether cuts in interest and principal payments are justified, and the economic impact they may have. The panel will comprise several economists, including Joaquín Villamil and Carlos Colón de Armas, as well as analyst Joseph Rosenblum, from Alliance Bernstein in New York.
A third panel will round out the event, featuring U.S. lawmakers and members of the U.S. Treasury Department, The event will close with a panel that will present the point of view of the credit unions.
Registration may be done at www.bonistasdelpatio.com.