Puerto Rico gov’t set to issue $75M in catastrophe insurance bonds
May 29, 2024
The government is reportedly working with several insurance and reinsurance companies to structure the coverage. #NewsismyBusiness
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IEEFA: Oversight Board warns Puerto Rico bonds could be worthless
February 7, 2024
In July 2017, the Oversight Board rejected a debt agreement for PREPA, explaining that the deal was not in the best interests of Puerto Rico. #NewsismyBusiness
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AFICA issues up to $57.4M in new bonds for Grupo Auxilio Mutuo
November 19, 2021
The Puerto Rico Fiscal Agency and Financial Advisory Authority (AAFAF) and the Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority (AFICA) announced the issuance of up to $57.4 million in new AFICA bonds to refinance existing debt and finance the expansion of services, as well as improvements to several components of […]
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COFINA launches new investor relations website to promote transparency
October 30, 2019
The Puerto Rico Sales Tax Financing Corporation (known as COFINA for its initials in Spanish) announced it has launched an investor relations website to increase transparency to investors regarding specific bonds. Information about COFINA’s restructured sales tax bonds Series 2019A and Series 2019B issued in connection with the Third Amended Title III Plan of Adjustment of Puerto Rico […]
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Op-Ed: Banks’ ‘recklessness’ cost insurers $720M
August 21, 2019
Puerto Rico bond insurers this month filed suit against eight well-known investment banks (UBS, Citi, Goldman Sachs, J.P. Morgan Securities, Morgan Stanley, Merrill Lynch, RBC and Santander) for failing to perform proper diligence on Commonwealth bonds worth approximately $11 billion. The train of neglect ran from 2001 to 2015 and included revenue and expenditure falsification […]
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Op-Ed: CNE reviews PREPA’s debt restructuring agreement, 3.0
May 24, 2019
The proposed Restructuring Support Agreement for the Puerto Rico Electric Power Authority is not a good transaction for Puerto Rico. Its terms and conditions are overly generous to creditors; it discourages the transition to distributed renewable generation; it is uncertain whether it provides the debt relief necessary to maintain PREPA as a going concern, while […]
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Metropistas issues $120M in investment grade bonds to refinance debt
May 23, 2019
Autopistas Metropolitanas de Puerto Rico (metropistas) announced the closing of a $120 million bond issuance to refinance a portion of its debt, in what constitutes the company’s second successful placement in the market in three months and one of the few bond issuances in the Puerto Rican infrastructure industry since the beginning of the economic […]
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AFICA issues $9M in investment bonds for school construction project
January 9, 2019
The bonds are not guaranteed by the Commonwealth of Puerto Rico nor by any government instrumentality.
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OBoard, P.R. gov’t reach deal with COFINA creditors; to save $17B+ in debt service
August 9, 2018
The Financial Oversight and Management Board for Puerto Rico and the government of Puerto Rico announced they have reached a deal with Senior and Junior bondholders of Sales Tax Financing Corp. credit, as well as monoline insurers.
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P.R. credit unions file ‘adversary proceeding’ in P.R. bankruptcy case
March 23, 2018
A group of Puerto Rico credit unions filed an "adversary proceeding" before Judge Laura Taylor Swain, who presides over Puerto Rico's Title III bankruptcy proceedings.
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Blown-up statistics to market COFINA bonds eliminated
August 18, 2017
The Puerto Rico Institute of Statistics offered details of the new methodology used by the Puerto Rico Trade & Export Company to estimate the value of the island's retail sales starting in October 2016.
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Assured Guaranty sues gov’t over PRHTA bonds
June 5, 2017
Assured Guaranty Ltd. Filed an adversary complaint challenging the Commonwealth of Puerto Rico’s “illegal diversion” of special revenue bond collateral that secures the payment of Puerto Rico Highways and Transportation Authority bonds.
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Assured Guaranty pays $42M to insured PR bondholders
January 5, 2017
Two bond insurance subsidiaries of Assured Guaranty Ltd., together with its subsidiaries, Assured Guaranty, have made interest payments to holders of insured General Obligation and other bonds after Puerto Rico and certain of its agencies failed to pay on Jan. 3.
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Lawyers: UBS hit with $18M FINRA arbitration verdict
December 6, 2016
UBS Financial Services Inc. and UBS Financial Services Inc. of Puerto Rico were slammed with an $18 million arbitration verdict by the Financial Industry Regulatory Authority released Monday, legal firm Sonn and Erez PLC confirmed in a statement.
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PRASA looks to staff, service PRASA Revitalization Corp.
October 19, 2016
The Puerto Rico Aqueduct and Sewer Authority’s (PRASA) board of directors on Tuesday authorized the creation of a Memorandum of Understanding to provide staff and services to the PRASA Revitalization Corp., formed recently to provide external financing to the cash-strapped water utility.
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