Puerto Rico to tout fiscal turnaround during PRNOW Summit
With the recent approval of the Plan of Adjustment to restructure its government debt, Puerto Rico “closes the chapter on bankruptcy and ushers in a new era of fiscal stability, economic growth, and sustainable opportunity.”
To offer markets and the public details of its story of “resilience, recovery, turnaround, and growth,” the Fiscal Agency and Financial Advisory Authority (AAFAF, in Spanish) will host the PRNOW Summit June 6-7 at the Puerto Rico Convention Center in San Juan.
The PRNOW Summit is an event that will discuss economic topics such as fiscal recovery, access to federal funds, infrastructure matters and economic development. Sessions will include an A-list roster of financial experts, government officials and inside-track speakers.
More than 1,000 people have already registered to participate in the two-day event, said AAFAF Executive Director Omar J. Marrero.
“We want to share with the markets and the public this extraordinary story of resilience, recovery, and growth. We’ve organized a unique event that will bring together an unparallel speaker list that includes financial experts, government officials, US government representatives, and business leaders,” said Marrero, who is also Puerto Rico’s Secretary of State.
“These professionals will brief attendees on the largest restructuring of municipal debt in U.S. history, the path to economic recovery, progress, and opportunities for the Island,” he said, noting that following the event, he will be participating in a “roadshow,” when he plans to meet with US-mainland investors, including credit ratings agencies to discuss the possibility of reestablishing credit ratings for the Commonwealth’s restructured debt.
The government of Puerto Rico will have participation from its highest-ranking officials, led by Gov. Pedro Pierluisi, who will join private-sector representatives from Puerto Rico and abroad.
Representing the capital markets sector will be Bernie Costello from Morgan Stanley, Bryce Pickering from Barclays, Jared M. Fand from JP Morgan, Elliott Mutch from Bofa Securities, Vic Kalaydjian from Jefferies, and Petros Voulgaris from Goldman Sachs will discuss the state of the municipal markets, recent trades, and expectations.
The local banking sector will be represented in a panel with Ignacio Álvarez, from Banco Popular; Aurelio Alemán, from FirstBank, Calixto García, from Banesco, Patrick Haggarty, from Oriental Bank and César Vertiz, from Citi Puerto Rico.
The list of panelists also includes Michael Pesin from the US Department of Energy, Natalie Jaresko, former executive director of the Financial Oversight and Management Board for Puerto Rico, and former minister of finance of Ukraine, and John Nixon, member of the Oversight Board. It also includes a session led by the Association for Improvement of American Infrastructure that will discuss the federal Bipartisan Infrastructure Act.
Marrero added that the event coordinated by AAFAF and the Puerto Rico Public-Private Partnerships Authority, will offer an update for professionals that work in the capital markets.
“The PRNOW Summit also seeks to generate trust among the local and international investment sector and establish solid commercial relations that will result in benefits to Puerto Rico and investors as well,” he said.