Tag Archives: Puerto Rico


Buyer Beware

Author: Shaun Burgess, Post Date: January 17, 2019
Cumberland Advisors - Shaun Burgess - Portfolio Manager & Fixed Income Analyst

In a move that caught many observers by surprise, the Federal Oversight and Management Board (FOMB), which was created to oversee the restructuring of the Commonwealth of Puerto Rico, has requested that Judge Swain invalidate more than $6 billion of the territory’s debt. The move would affect uninsured general-obligation bonds issued in 2012 and after. […]

4Q2018 Review: Puerto Rico Insured Bond

Author: Shaun Burgess, Post Date: January 3, 2019
Cumberland Advisors - Shaun Burgess - Portfolio Manager & Fixed Income Analyst

It has been a busy quarter for the Commonwealth of Puerto Rico. Milestones included a conclusion to the Title VI restructuring of the Government Development Bank (GDB) and a plan for the restructuring of the Puerto Rico Sales Tax Financing Corporation’s (COFINA), as well as the continued rebuilding from the damages wrought by Hurricane Maria […]

Puerto Rico Oversight Board, Rosselló tussle over Christmas bonus

Author: , Post Date: November 15, 2018

Excerpt below from “Puerto Rico Oversight Board, Rosselló tussle over Christmas bonus” By Robert Slavin, November 15 2018, 3:27pm EST Puerto Rico’s Christmas bonus is again under the spotlight as the Oversight Board pressures Gov. Ricardo Rosselló to identify spending reductions to offset the cost of his plan to pay the annual benefit. The clash […]

Puerto Rico’s revised fiscal plan shows surplus; bonds rally

Author: , Post Date: October 23, 2018

“A revised fiscal (plan) that shows more money for creditors and recognizes Puerto Rico’s ability to pay – that is driving GOs higher… There is still a lot of execution risk as the fiscal plan relies on some assumptions and policies being put in place,” said Shaun Burgess, a portfolio manager at Cumberland Advisors in Sarasota, Florida.

The Ball Is Rolling

Author: Shaun Burgess, Post Date: August 16, 2018
Market Commentary Puerto Rico

August has brought welcome news for the Commonwealth of Puerto Rico and for creditors eager to see a resolution to the bankruptcy process that started more than two years ago with the passage of the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA). There is now a restructuring agreement for Sales Tax (COFINA) bondholders […]

USFSM hosts successful seminar on Cuba and the Caribbean

Author: , Post Date: February 26, 2018

Excerpt below: SARASOTA, Fla. (Feb. 23, 2018) – USF Sarasota-Manatee hosted a day-long seminar about Cuba and the Caribbean islands on Thursday with panels of internationally renowned experts that included two representatives of Congress and a former U.S. diplomat, among others. The seminar, “Cuba and the Caribbean: What Now?” focused on past and current travel […]

Money, Banking, Energy, Economics on February 22

Author: David R. Kotok, Post Date: February 7, 2018
What now, Cuba - USF Sarasota-Manatee

Economic and financial issues will be thoroughly discussed on February 22 at USF Sarasota-Manatee. The confirmed lineup includes Sara Banaszak of Exxon Mobil, who has expertise in the energy sector. Everything from Puerto Rico Electric Power to offshore drilling to national constraints is on the table. Eugenio Alemán carries the Latin connection; he is senior […]

Puerto Rico – Fourth Quarter 2017 Review

Author: , Post Date: January 3, 2018
Cumberland Advisors Market Commentary

The Commonwealth of Puerto Rico entered the fourth quarter having suffered one of the most devastating natural disasters in the island’s history. Hurricane Maria left billions of dollars in damage in its wake, including both infrastructure damage and economic losses. The human costs have been equally terrible, with millions of US citizens suffering. Three months […]