Marrero meets with stateside investment funds
Secretary of State Omar J. Marrero, who also serves as executive director of the Fiscal Agency and Financial Advisory Authority (AAFAF, in Spanish), appeared for the second consecutive year before corporate leaders, sponsors, institutional investors and financiers at the J.P. Morgan 2022 Global High Yield & Leveraged Finance Conference to share the latest developments in Puerto Rico’s debt restructuring process, as well as a favorable perspective on doing business in Puerto Rico.
“Puerto Rico begins a new era with the recent approval of the Adjustment Plan to restructure its debt. A Fiscal Plan was also certified and will mark the course of our fiscal and financial administration as of July 1, 2022,” he said.
“We’re closing the bankruptcy chapter and ushering in a new era of fiscal sustainability, economic growth and better opportunities for our people,” Marrero said, pointing out that it is important that these communities of investors learn firsthand the financial accomplishments that have materialized in recent years.
During the conference, which brought together more than 2,400 people, including investors from traditional investment funds, mutual funds and the private sector, Marrero presented the progress of Puerto Rico’s debt restructuring, the market’s “excellent” reception of the restructured bonds of the Government Development Bank and Sales Tax Financing Corp. (COFINA, in Spanish), the management of federal funds used to address Puerto Rico’s recovery and reconstruction, as well as other economic development and infrastructure matters.
Marrero also had the opportunity to hold several meetings with senior executives from the largest US investment funds and private sector industries, the agency noted.
The J.P. Morgan 2022 Global High Yield & Leveraged Finance Conference, which began Feb. 28, ends today in Miami.