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Interested in PRican debt? In the last month, I have gone over 60 years of bond-issuance by the island. Here are some of my findings (a thread): #muniland
1) In the first decade of the 20th century, debt in PR was relatively low.
1) In the first decade of the 20th century, debt in PR was relatively low.
2) But this trend changed in the last part of the 1910s when the Bureau of Insular Affairs (BIA) entered the picture. Until the 1930s, the BIA issued PRican bonds (and, in turn debt significantly increased).
3) In the mid-1930s, the BIA is not longer in charge of PR, and the Dept of the Interior issued PRican bonds.
This just in from my colleague Cooper Howard: It’s shaping up to be a wild day in #muniland. Munis are finally waking up to the prospect of tighter monetary policy. Since the start of the year, yields are up relative to Treasuries. 
The biggest move has been in short-term munis where spreads were very low.
The move higher in yields has resulted in negative returns for muni mutual funds and ETFs. Recently, the streak of consecutive weeks of inflows reversed.
1/ “For 64 years both the @pnp_pr (New Progressive Party) and the @ppdpr (Popular Democratic Party), controlled, managed and resourced by local political investors of the National Democratic Party ( @DNC ) (and a handful of local opportunists who disguise as “republicans” @GOP )
2/You have been told there is no space to be a democrat or republican until there is “equality” and after Puerto Rico becomes a state of the union.
For 64 years this fallacy has been the main obstacle to the attainment of statehood and key to maintaining PR’s territorial status.
For 64 years this fallacy has been the main obstacle to the attainment of statehood and key to maintaining PR’s territorial status.
3/They have deceived you into believing they are the only vehicle chartered to design a plan to achieve a solution on PR’s political status. And every 4 yrs, for 54 yrs, Puerto Ricans have been pitifully fooled into the scheme with fancy & fraudulent plebiscite/referendum tricks.
Our commentary: Another Corporate Facility Launched, @federalreserve Chair’s Prepared Comments are Stale, & PPP Expires #muniland hilltopsecurities.com/media/3877/mun…
A scattered reopening rollback continued in the U.S., and an increase in confirmed #COVID19 cases is still expected. #muniland
The U.S. @federalreserve launched its Primary Market Corporate Credit Facility yesterday—still nothing similar for the #municipalbond market. Something comparable should be prepared. #muniland #unroll @threadreaderapp
Our new commentary: The New Surge Renders Thursday’s June Jobs Numbers Meaningless, Almost Ensures Federal Relief in July #muniland hilltopsecurities.com/media/3871/mun…
The June change in #nonfarmpayrolls and the new #unemploymentrate are meaningless. The new surge in infection and resultant policy adjustments are going to weigh heavily on near-term economic results. July numbers will be a better indicator. #muniland
Our latest: The @federalreserve, after performing its annual stress tests, are requiring banks to suspend share buybacks in the third quarter, and the Fed is only allowing dividends to be paid based on an earnings formula. #muniland hilltopsecurities.com/public-finance…
The broader backdrop for investors and the financial community at large is that the #COVID19 #Pandemic Recession is a national stress test.
There were 218,248 confirmed COVID-19 cases in the U.S. for the week of June 18; a surprise record.
Cook County Judge held hearing this morning on Chicago fire pension fund lawsuit against city of chicago in which fund has asked for (and received) intercept of city's grant funds to cover shortfalls over contributions in FY16,17, and 18. the dispute centers on method
for making contributions - Chicago is fighting with the fire fund over the language of the state pension code, and how to handle late property tax collections, which can lead to shortfalls in the pension contributions.
City says it can use property tax levy + deposits from other funds to make contribution. In other words, the fire fund should absorb any tax collection shortfall. City is asking for judge to issue summary judgement in their favor and credit already intercepted grants toward next
Illinois Gov Pritzker, Treasurer Frerichs and Comptroller Mendoza file 22-page response to early July complaint filed by hedge fund Warlander and head of Illinois Policy Institute that attempts to invalidate $14.3bn of state GO bonds 1/6
State says premise of lawsuit-that state debt act limits bonds to be issued only for specific purposes related to capital projects - is wrong & not that restrictive; complaint brought too late (bonds issued in 2003 & 2017); Warlander lacks standing; that the bulk of the complaint
is really a ideological debate over fiscal policy, which has no place in the courts and is "seemingly trying to appeal to a nonjudicial audience"...
ICYMI: A big week for #GreenBonds & climate finance, with the #SR15 reminding us of the urgency to scale up green investment. In this string we’ll point to some of the events & moments from around the world that we’ve captured since Monday.
ICYMI: India: Giant state bank #SBI made a US$650m splash in the #greenbonds pool with inaugural issuance, funding #wind & #solar. In our special Post we profiled the bond, @SGX listing, asked when are more of global Top 100 Banks going to issue green. climatebonds.net/2018/10/sbi-ma…
Still in India: our CEO @seankidney takes some time out for longer form interview with Priya Sreenivasan from @down2earthindia. Shares his [forthright] views on the $US7billion domestic #greenbonds market & its outlook. Worth the read. downtoearth.org.in/interviews/-th…
