Cofina Bonds

and a 77 percent cut to the debt held in general obligation bonds (some classes backed by the Puerto Rico Constitution) and COFINA bonds (which are backed by sales tax revenue). This is one of the reasons I didn’t support PROMESA in.

May 03, 2017  · Puerto Rico Files For Biggest Ever U.S. Local Government Bankruptcy Puerto Rico eclipses Detroit as previous largest U.S. public bankruptcy.

Interest payments on bonds backed by the commonwealth’s sales taxes have been suspended, apparently justifying some investors’ worst fears.

in the united states district court. for the district of puerto rico. lex claims, llc, et al.,

the case is sure to dwarf Detroit’s insolvency in 2013. The move comes a day after several major creditors sued Puerto.

Sales Tax Revenue Bonds Series 2007A Capital Appreciation Bonds 4 $808mm gross par Payable from first collections of the Commonwealth’s portion (currently 5.5%) of

The Windy City is using complex bonds to delay a financial reckoning and avoid cleaning up its fiscal mess.

NEW YORK–(BUSINESS WIRE)– Today Financial Guaranty Insurance Company (FGIC) issued the following letter. application of the “claw back,” the payment of GO Bonds and the validity of the COFINA structure. FGIC provides.

Sales Tax Revenue Bonds Series 2007A Capital Appreciation Bonds 4 $808mm gross par Payable from first collections of the Commonwealth’s portion (currently 5.5%) of

“There’s a number of investors who have either been burned by or taken aback by the dialogue that’s been going on in Puerto Rico on what they call their Cofina sales tax bonds, which is a debate about whether in a worst-case scenario.

Dec 28, 2017 Ambac Announces Purchase of COFINA Bonds and Withdrawal of COFINA Bondholder Objection to Plan Amendment for.

Puerto Rico was already struggling with a debt crisis before Hurricane Maria struck, and conditions have only grown worse.

Puerto Rico, as a U.S. territory, has had favorable tax treatment for its investors for decades. The island is a separate fiscal jurisdiction from the mainland U.S.

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NEW YORK — Puerto Rico’s House of Representatives approved a bill calling for. That includes the Sales Tax Financing Corp., known by its Spanish acronym Cofina. A default on those obligations would be a first for Puerto Rico,

NEW YORK — Puerto Rico’s House of Representatives approved a bill calling for. That includes the Sales Tax Financing Corp., known by its Spanish acronym Cofina. A default on those obligations would be a first for Puerto Rico,

(Reuters) – Puerto Rico announced a historic restructuring of its public debt on Wednesday, touching off what may be the biggest bankruptcy ever in the $3.8 trillion U.S. municipal bond market. known as COFINA debt, or debt from other.

View prior reports from Credit Rating Agencies: Security. COFINA issued Puerto Rico Sales Tax Revenue Bonds to provide funds for the Commonwealth of Puerto Rico to.

Dec 28, 2017 Ambac Announces Purchase of COFINA Bonds and Withdrawal of COFINA Bondholder Objection to Plan Amendment for.

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View prior reports from Credit Rating Agencies: Security. COFINA issued Puerto Rico Sales Tax Revenue Bonds to provide funds for the Commonwealth of Puerto Rico to.

Baupost, which invests $30 billion for endowments and other wealthy investors, owns roughly $911 million in Puerto Rico’s so-called COFINA bonds, which are backed by.

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A second group of creditors holding debt issued by Puerto Rico’s sales tax authority, COFINA, expressed support for the debt. Puerto Rico’s benchmark 2035 GO bond 74514LE86=MSRB> is down sharply since talk of a debt moratorium.

Baupost, which invests $30 billion for endowments and other wealthy investors, owns roughly $911 million in Puerto Rico’s so-called COFINA bonds, which are backed by.

Members of the Puerto Rican diaspora have joined student activists and financial reform groups in a weeklong campaign to target university endowments profiting from.

in the united states district court. for the district of puerto rico. lex claims, llc, et al.,

A second group of creditors holding debt issued by Puerto Rico’s sales tax authority, COFINA, expressed support for the debt. Puerto Rico’s benchmark 2035 GO bond 74514LE86=MSRB> is down sharply since talk of a debt moratorium.

(Reuters) – Puerto Rico announced a historic restructuring of its public debt on Wednesday, touching off what may be the biggest bankruptcy ever in the $3.8 trillion U.S. municipal bond market. known as COFINA debt, or debt from other.

and a 77 percent cut to the debt held in general obligation bonds (some classes backed by the Puerto Rico Constitution) and COFINA bonds (which are backed by sales tax revenue). This is one of the reasons I didn’t support PROMESA in.

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Puerto Rico’s bonds are just a notch or two above junk status. Puerto Rico created a special entity, called the Cofina, much like the Municipal Assistance Corporation that helped New York City stay afloat during the fiscal crisis of 1975.

the case is sure to dwarf Detroit’s insolvency in 2013. The move comes a day after several major creditors sued Puerto.

“There’s a number of investors who have either been burned by or taken aback by the dialogue that’s been going on in Puerto Rico on what they call their Cofina sales tax bonds, which is a debate about whether in a worst-case scenario.

Debt restructuring proposals for the Puerto Rico Aqueduct and Sewer Authority’s senior revenue bonds haven’t included any reduction in principal.

Puerto Rico’s bonds are just a notch or two above junk status. Puerto Rico created a special entity, called the Cofina, much like the Municipal Assistance Corporation that helped New York City stay afloat during the fiscal crisis of 1975.

NEW YORK–(BUSINESS WIRE)– Today Financial Guaranty Insurance Company (FGIC) issued the following letter. application of the “claw back,” the payment of GO Bonds and the validity of the COFINA structure. FGIC provides.