Tag Archives: Puerto Rico Bonds

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Market Commentary: Puerto Rico Earthquakes – Insult to Injury

Author: , Post Date: January 15, 2020
Market Commentary Puerto Rico

For the people of Puerto Rico, natural disasters have become all too commonplace. Two years ago there was Hurricane Maria, which claimed thousands of lives and caused billions in damages. Now the island has experienced a series of earthquakes (the largest being a magnitude 6.4), which have again caused destruction and again brought fear and […]

4Q2019 Review: Puerto Rico

Author: Shaun Burgess, Post Date: January 3, 2020
Market Commentary Puerto Rico

As we reflect on a tumultuous fourth quarter for the Commonwealth of Puerto Rico, early progress in 2019 in the island’s bankruptcy brought optimism, however that optimism has since turned to frustration as headway has slowed, uncertainty has increased, and questions remain unanswered. October saw the release of a plan of adjustment to restructure the […]

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 […]

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 […]

Cumberland Advisors Market Commentary – Q1 2019 Credit Commentary

Author: Patricia Healy, CFA, Post Date: May 3, 2019
Cumberland Advisors Market Commentary - Municipal Credit

A positive tone continues for the credit quality of municipal bonds, and municipal performance has been strong as a result of low supply, high demand, and lower rates. (See John Mousseau’s “https://www.cumber.com/1q2019-review-tax-free-municipal-bond-a-shining-first-quarter-for-munis/.”) After some states reported revenues tracking well below projections in January, fears of a substantial drop-off in state tax collections are being allayed, […]

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 […]

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. […]