Tag Archives: Shaun Burgess

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1Q2019 Review: Puerto Rico

Author: , Post Date: March 27, 2019
Market Commentary Puerto Rico

The quarter proved to be a meaningful one for the Commonwealth of Puerto Rico, with the Puerto Rico Sales Tax Financing Corporation (COFINA) finalizing the restructuring of its $17-plus billion in outstanding debt. This stands as the most significant development we have seen in Puerto Rico’s years-long journey, with COFINA representing approximately 24% of the […]

Investors grab hefty yields in Illinois and Chicago bond sales

Author: , Post Date: March 26, 2019
Cumberland-Advisors-Shaun-Burgess-In-The-News

Excerpt below from “Investors grab hefty yields in Illinois and Chicago bond sales” By Karen Pierog, Reuters, March 26 CHICAGO – Yield-hungry investors on Tuesday snapped up more than $1.1 billion of general obligation bonds offered by Illinois and Chicago, two of the U.S. municipal market’s most financially troubled issuers. While the state and its […]

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
Cumberland-Advisors-Shaun-Burgess-In-The-News

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
Cumberland-Advisors-Shaun-Burgess-In-The-News

“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 […]

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 […]