In the Margins

U.S. mutual funds lean on Puerto Rico legislators

February 26, 2016

By Reuters

Puerto Rico's largest mutual fund creditors are urging its government to honor debt owed to creditors of its sales taxing authority. Puerto Rico is trying to climb out of economic crisis by reaching consensual restructuring deals with various creditor groups. Among its obligations is about $17 billion in debt owed to creditors of its sales taxing authority, known as COFINA. In a letter on Wednesday night to Puerto Rico's legislators, Franklin Advisers, OppenheimerFunds and the First Puerto Rico Family of Funds said the U.S. territory should protect COFINA debt. The funds have more than $10 billion combined invested in Puerto Rico, including a big stake in COFINA. Read the original story from Reuters.

 

 

Most Read

10 Things
10 Things...on the regulatory agenda

The Securities and Exchange Commission has been accused of "over-regulation" in recent years as it has proposed and finalized dozens of rules in a relatively short ...

10 Things
10 Things...to read in summer 2024

It's the Summer Solstice, and that means that for most of us the sun is shining, temperatures are heating up, and longer days allow for pursuits ...