Tag Archives: Shaun Burgess

image_pdfimage_print

Puerto Rico House votes to resist pension cuts

Author: , Post Date: October 22, 2019
Cumberland-Advisors-Shaun-Burgess-In-The-News

Excerpt from… The Bond Buyer “Puerto Rico House votes to resist pension cuts” By Robert Slavin, October 22 2019 The Puerto Rico House voted unanimously to not collaborate with pension cuts found in Puerto Rico’s proposed plan of adjustment. The House voted 49 to 0 with two members absent on Monday for the resolution that […]

Puerto Rico Governor to Resign, Protesters Warn Successor: ‘You’re Next’

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

Excerpt from… Puerto Rico Governor to Resign, Protesters Warn Successor: ‘You’re Next’ By Nick Brown July 25, 2019 SAN JUAN (Reuters) – Puerto Ricans danced among the brightly colored houses of San Juan on Thursday after Governor Ricardo Rosselló capitulated to 12 days of protests and announced his resignation, but many in the crowd warned […]

Cumberland Advisors Market Commentary – The People Have Spoken

Author: Shaun Burgess, Post Date: July 25, 2019
Market Commentary Puerto Rico

There comes a breaking point for everything, a moment, an “Arab spring,” when people governed by the callous and corrupt stand up and say enough. For the citizens of Puerto Rico that moment came after the indictment of two former island officials on corruption charges and the release of a private group chat between Governor […]

Cumberland Advisors Market Commentary – 2Q2019 Review: Puerto Rico

Author: Shaun Burgess, Post Date: June 28, 2019
Market Commentary - Cumberland Advisors - Puerto Rico - Shaun Burgess

The second quarter of 2019 has been a busy one for the Commonwealth of Puerto Rico. Milestones mired in controversy, optimism dampened by frustration, and increasing uncertainty have all been part of the experience. In what may be one of the most significant milestones to date, an agreement was unveiled between the Federal Oversight and […]

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 […]