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Creditors approve Puerto Rico’s General Development Bank debt deal. The renewed attention from traditional municipal-bond investors is welcome news for those hedge funds, who hold about 30 percent of Puerto Rico’s … It was this segment of the business that brought down all the industry leaders. Puerto Rico … The U.S. Supreme Court on Monday declined to take up a dispute that has roiled the $3.8 trillion U.S. municipal bond market over payments on special revenue bonds that grew out of Puerto Rico… Puerto Rico Municipal Bond Quotes, Rates, Yields, New Issues, Defaults and Ratings News. Puerto Rico policeman accused of theft while in uniform ABC News 18:16 17-Nov-20 Pandemic Déjà Vu Public Books 16:21 17-Nov-20 Puerto Rico Nutrition Benefit Cuts Risk Food Insecurity, Show Block Grant’s Limits Center on Budget and Policy Priorities 15:37 17-Nov-20 By Robert Slavin It has become a true insurance product. This is because bond insurance had traditionally been structured to be of no cost to the issuer, i.e. Their choice is obvious. The MSRB does not review transaction data submitted by submitters for accuracy, completeness or any other purpose, and does not warrant or guarantee the accuracy of any such transaction data and/or related information. Analysis ‘Assured’ Uncertainty: Why First Circuit’s Decision Related to Puerto Rico’s Insolvency May Shake Up the Municipal Bond Market As a lifetime investor in postage stamps, I've written and advised extensively on philately, see my StampFinder.com website. We are seeing numerous municipalities assuming that, since they paid for the bond insurance, they are entitled to its benefits. We can help you secure the top rates available. Hence, there are an increasing number of instances of municipalities refusing to make their contractual debt service payments thereby requiring the bond insurers to step up and pay. Tom Kozlik on mounting municipal risk and whether credit downgrades are coming Mon, Nov 23rd 2020 Why investors are buying municipal bonds as defaults are on the rise Merrill is hardly the first firm to run into trouble with the collapse of Puerto Rico bonds. Such transaction data and/or related information may not exist for all municipal securities and may not be required to be submitted to the MSRB for certain types of municipal securities transactions. Such transaction data and/or related information may not exist for all municipal securities and may not be required to be submitted to the MSRB for certain types of municipal securities transactions. A regulatory panel last year said Morgan Stanley must pay Puerto Rican bond investors $3.3 million . All Rights Reserved, This is a BETA experience. New Species of Comb Jelly Discovered Near Puerto Rico November 30, 2020 9:37 am Nature World News Scientists from the National Oceanic and Atmospheric Administration Fisheries (NOAA) Fisheries research team virtually discovered a new comb jelly species near Puerto Rico.First seen during a 2015 underwater expedition, the newly-named … The StampFinder.com website was started in 1995 to increase the information transparency that is lacking in philately and to inform investors looking for safe-haven investments. For monoline bond insurers the future choices are clearer. But the industry shrunk dramatically and the seeds for future troubles soon became clear. With tens of billions of dollars at stake, the bare-knuckles brawl has also roiled the massive municipal bond market back on the mainland. Puerto Rico’s more than $74.8 billion in debt and $49 billion in pension system obligations surpasses Detroit, Mich.’s $18 billion bankruptcy in 2013. The Premier Pacific NW Leader Online for Muni, Tax-Free Puerto Rico Bonds Providing High Quality Fiduciary Services at Very Low Prices. The transaction data provided through the Real-Time Transaction Subscription Service represents municipal securities transaction data made available by brokers, dealers, and municipal securities dealers to the MSRB and related information. Richard Lehmann blogs on Income Investing and Philately, EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit — And Pushing For Change, Michigan Economic Development Corporation BrandVoice. Puerto Rico’s bankruptcy, with $74 billion in debt at stake, is the largest municipal default in history. Its success, however, was unrelated to its municipal bond underwriting. In turn, insurers of the bonds—those that guarantee interest and principle against default—are going to be asked to share the pain. In theory, this ignoring of traditional underwriting principles was justified on the assumption that the insurer was writing coverage to a zero losses standard. The crisis began in 2014 when three major credit agencies downgraded several bond issues by Puerto Rico to "junk status" after the government was unable to demonstrate that it would be able to pay its debt. My latest publication titled "Moneystamps - The Safe-Haven Investment In An Unsafe World" is available on Amazon. Now is the time for change. Puerto Rico is responsible for approximately $13 billion of outstanding GO bonds. The Service is reproduced by permission of the MSRB under a non-exclusive license. Money manager Glenn Ryhanych sat in his office in Virginia, waiting for a final resolution of bankrupt Puerto Rico’s nearly two-year saga with its $17.6 billion of sales-tax-backed bonds. Full coverage and live updates on the Coronavirus, I'm a former Forbes columnist, investment advisor and publisher of the Forbes/Lehmann Distressed Municipal Debt Report. When Puerto Rico defaulted on its debt in 2016, it was the largest municipal default ever. (AP ... [+] Photo/Nati Harnik). The insurance fee structure was furthermore negatively impacted when S&P, and eventually the other rating agencies, downgraded the United States from AAA to AA+. MBI Join other Institutional Investors receiving FREE personalized market updates and research. Municipal Bonds and Taxes: What Investors Need To Know. Latest. The MSRB accepts no responsibility for the accuracy of the reproduction of the Service or that Service is current. A decision this week by a U.S. Appeals Court in a lawsuit related to Puerto Rico's bankruptcy raises concerns over the payment of municipal bonds backed by specific revenues during future Chapter 9 cases, Fitch Ratings said on Thursday. I have been reporting on municipal bond defaults for more than thirty years through the Forbes/Lehmann Distressed Municipal Debt Report. Puerto Rico has gone so far on its insured issues that it now collects the interest payments as they come due from the insurer, and keeping the money rather than pay out interest to bondholders! Puerto Rico Municipal Bond News: The Puerto Rican government-debt crisis is a financial crisis affecting the government of Puerto Rico. Thank you for your submission, we hope you enjoy your experience. This concept has been tried in the past with very limited success since it could not compete with the low fees and higher costs from the credit enhancement approach. When Puerto Rico declared a form of bankruptcy in May, it was the largest municipal bankruptcy debt in U.S. history. As a … We are providing certain data supplied to us by the Municipal Securities Rulemaking Board ("the Service") without warranties or representations and on an "as-is" basis. The 2008 Financial Crisis had a devastating effect on the monoline bond insurance industry, which used to be dominated by names like Ambac Financial, MBIA The coronavirus has had a devastating effect on the short-term finances of every state and municipal entity dependent on sales and payroll taxes for the revenues. Join other Financial Advisors receiving FREE personalized market updates and research. Two major changes came out of the financial crisis that threatens the health of this important industry. This of course was reflected in minuscule yield differentials. Check your email and confirm your subscription to complete your personalized experience. Meantime, creditors overwhelmingly approved a plan to restructure bonds issued by Puerto Rico’s Government Development Bank. Municipal, Tax-Free Bonds for Puerto Rico Providing High Quality Fiduciary Services at Very Low Prices. Only one insurer, Assured Guaranty, came through the crisis relatively unscathed and rose to become the industry leader from a previous third or fourth place. Puerto Rico first defaulted on its general obligation bonds in July 2016, when it failed to pay roughly $1 billion owed to its creditors and hasn't made any payments since. I've published a number of catalogs and books on philately. And why not, they may even decide to renege on their uninsured debt as well. Puerto Rico "rev" Trades - MunicipalBonds.com WE HEREBY DISCLAIM ALL REPRESENTATIONS AND WARRANTIES (EXPRESS OR IMPLIED), BUT NOT LIMITED TO, WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE REGARDING THE SERVICE. and FGIC. You may opt-out by. The short-term effect, however, may well have very long-term implications for the finances of these entities. The MSRB, its officers, directors, employees, agents, consultants, and licensors make, and have made, no recommendations regarding any of the securities or other investment vehicles, referred to or described in the Service. the fees were based of the savings in interest expense due to the bonds being rated AAA versus the issuers rating which were usually A- or BBB. Miranda on Puerto Rico: ... deeply disappointing to countless citizens of Puerto Rico and investors in Commonwealth bonds." The Investment Company Institute reported municipal bond funds saw $2.675 billion of inflows in the latest reporting week. © 2020 Forbes Media LLC. Will the Fed or Washington intercede, probably, but this is far from certain. Coronavirus Coverage ... insuring municipal bonds came through the ... service payments thereby requiring the bond insurers to step up and pay. At the time, there were concerns that Puerto Rico could be the tip of the iceberg in a wave of new municipal … This pandemic provides an opportunity for distressed bond issuers to come together, declare a financial emergency and essentially renege on future interest and principal payments. We see the extraordinary actions taken so far at the federal level by both the Federal Reserve Bank and the Federal Government. Please help us personalize your experience. ... Get the latest breaking news delivered straight to your inbox. One solution is to focus on selling insurance to the bondholders rather than the issuers. Real-time data on all CUSIPs, the latest muni bond news, the ins and outs of bond investing and track your municipal bond portfolio at the Premier site for Municpal bond investors. It’s time to treat it and price it as such or face possible ruin. When the Puerto Rico bond market collapsed in 2013, many U.S. investors were shocked to learn that they owned a substantial portion of Puerto Rico bonds in their municipal bond funds. A man is confronted with a closed sign at the Douglas County Treasurer's office in Omaha, Neb. In my view, the pandemic has accelerated that crisis point. Join other Individual Investors receiving FREE personalized market updates and research. Track CUSIPs, learn about issuers and dive deep into every Puerto Rico municipal bond. Currently, Puerto Rico bonds account for 92% of the default index, so as Puerto Rico bond prices go, so goes the S&P Municipal Bond Defaulted Index, which is up 15.4% MTD as of August 20, 2018. Some of these municipalities only have enough cash to either pay employees or to make interest payments. Along with the decline in interest rates, this proved to be a massive hit to the industry’s fee structure. Puerto Rico has reached agreement with a large portion of its general obligation bond holders—and the holders of the constitutionally protected “Puerto Rico Building Authority bonds.”. Bondholders have yet to be heard from. The actual business of insuring municipal bonds came through the crisis without immediate losses, so Assured Guaranty gained market share and prospered. The Boston-based First Circuit court on Tuesday determined that municipalities are not required to make payments on debt secured by special … The presumption in such actions by the municipal bond issuer is ludicrous, but defensible with taxpayers. Rather, it was due to its prudence in not plunging into the insuring of corporate and structured mortgage backed securities. The first was that interest rates declined to where the insurance fees dropped as much as 80 percent. Find everything about Puerto Rico municipal bonds. Puerto Rico board seeks to give bondholders 66%-69% haircut Under certain conditions the board could submit the proposal to the court without a further vote. You shall bear all risk, related costs and liability and be responsible for your use of the Service. Preliminary voting results were announced last week. I'm a former Forbes columnist, investment advisor and publisher of the Forbes/Lehmann Distressed Municipal Debt Report. Breaking News & Recent Headlines. Your personalized experience is almost ready. This led to then downgrading the monoline bond insurers as well as the credit enhancement they actually could render. Are Municipal Bonds Exempt From State Taxes? The financial problems of states and municipalities have been growing for decades as unfunded obligations for pensions and health care have ballooned in anticipation of a crisis sometime in the future. The MSRB, its officers, directors, employees, agents, consultants, and licensors shall not be liable or responsible to you or anyone else for any losses, injuries, damages, costs, expenses or claims caused by, arising out of or relating to the following: (a) acts, omissions, occurrences or contingencies beyond their control; (b) service interruptions or performance failures, such as those that result from the use of telecommunications facilities that are outside of their control, including the Internet: (c) negligence, gross negligence or willful misconduct in procuring, compiling, interpreting, editing, writing, reporting or delivering any of the content and material; (d) lost, stolen, late, corrupted, misdirected, failed, incomplete or delayed transmissions by anyone using the Service, including, but not limited to, any technical malfunctions, human error, computer viruses, lost data transmissions, omissions, interruptions, deletions, defects, hyperlink failures or line failures of any telephone network, computer equipment, software or any combination thereof; (e) damage to your computer systems, equipment, software, data or other tangible or intangible property resulting from or sustained in connection with your use of the Service; and/or (f) any disruption of business, lost sales or lost profits or any punitive, exemplary, indirect, special, incidental, or consequential damages associated or in connection with, resulting from or arising out of any use of the Service or the content and material in the Service. A second negative event for bond insurers since 2008 has been a redefining of just who is being insured. The MSRB and its officers, directors, employees, agents, consultants, and licensors shall have no liability in tort, contract, or otherwise (and as permitted by law, product liability) to you or anyone else for any reason associated or in connection with, resulting from or arising out of your use of the Service. These funds tend to have relatively stable share prices, and higher than average yields. Municipal bonds are very seldom voided, and there is no precedent for such a step under Promesa, the bankruptcy-like law enacted by Congress to handle Puerto Rico’s debt crisis. The credit enhancement tool are likely to have relatively stable share Prices, and higher than average.! Approximately $ 13 billion of outstanding GO bonds even decide to renege on uninsured! Submission, we hope you enjoy your experience more than thirty years through Forbes/Lehmann... 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