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The Bonds That Broke Puerto Rico
Keywords:
Investor's in Puerto Rico bonds and the state's inability to pay $72 billion in debt in 2015
06/30/2015
Grouped Articles
Puerto Rico Urges Concessions From Creditors
Wall Street Journal 06/30/2015
Puerto Rico Governor Calls for Delay in Debt Payments for ‘Number of Years’
Wall Street Journal 06/30/2015
The Bonds That Broke Puerto Rico
New York Times 06/30/2015
Hedge Funds Fight to Save Puerto Rico Investments
New York Times 06/30/2015
Wall Street Journal 07/03/2015
Despair and Anger as Puerto Ricans Cope With Debt Crisis
New York Times 07/03/2015
Puerto Rico's debt financing and the $61 billion in bonds issued since 2006
10/08/2013
About $1.4 billion was paid to banks for underwriting and other fees for the $61 billion in bonds issued since 2006, according to the WSJ review. Banks get higher fees because of a larger gross spread than even Detroit which announced bankruptcy recently. Much of the money raised goes back to finance earlier debt. Because Puerto is triple exempt from city, state and federal taxes and because of higher returns the bonds were oversubscribed by investors. Puerto Rico government officials say the 3.6 million residents do not pay federal taxes and the high debt financing does not burden taxpayers.
Grouped Articles
Banks Rack Up Big Fees From Puerto Rico Bond Deals
Wall Street Journal 10/23/2013
Yields on Puerto Rico Debt Hit High
Wall Street Journal 01/02/2014
$2 Billion Deal in Works for Puerto Rico
New York Times 01/21/2014
S&P Lowers Puerto Rico Debt to Junk Status
New York Times 02/04/2014
Puerto Rico Gets Break With Bonds
New York Times 03/10/2014
Puerto Rico Buys Some Time With Bond Sale
Wall Street Journal 03/12/2014
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