{"id":1372,"date":"2014-01-10T12:31:53","date_gmt":"2014-01-10T12:31:53","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2014\/01\/billions_of_dollars_already_lo"},"modified":"2022-03-11T08:55:13","modified_gmt":"2022-03-11T14:55:13","slug":"billions-of-dollars-already-lo","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/billions-of-dollars-already-lo\/","title":{"rendered":"Billions of Dollars Have Already Been Lost by Investors in Puerto Rico Closed-End Funds that were Sold by UBS"},"content":{"rendered":"

\t\t\t\tAccording to new research from a consulting group, the losses of investors who purchased UBS Puerto Rico <\/a>closed-end municipal bond funds is now in the billions of dollars. During the first nine months of 2013 alone, reports InvestmentNews.com<\/em>, 19 of UBS’s Puerto Rico closed-end funds lost $1.6 billion. The ones that lost the most were reportedly the funds with big muni bond holdings that were underwritten by UBS.<\/p>\n

UBS Financial Services, Inc.’s<\/a> Puerto Rico unit put together and sold roughly $10 billion in closed-end bond funds between 2002 and 2012. As the funds were only registered to be sold in Puerto Rico, they were largely composed of Puerto Rico municipal bonds and could be sold only to Puerto Rican residents, who have now been hit with huge losses as the value of Puerto Rican debt has fallen sharply over the last few months.<\/p>\n

In addition to UBS’s bond funds, other bond funds that have purchased Puerto Rican debt and investors holding individual Puerto Rican bonds in the US have been significantly impacted. In fact, if Puerto Rico were to default on its debt, the impact would be far reaching. According to Forbes.com<\/em>, a default in Puerto Rico would change the price of the whole $3.7 trillion US municipal bond market, which could cost municipalities and states in the US billions of dollars in interest rate charges. Already, investors on the mainland found themselves paying close to $10 billion last year because Puerto Rico’s $52 billion in bonds were down 20% on average.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

According to new research from a consulting group, the losses of investors who purchased UBS Puerto Rico closed-end municipal bond funds is now in the billions of dollars. During the first nine months of 2013 alone, reports InvestmentNews.com, 19 of UBS’s Puerto Rico closed-end funds lost $1.6 billion. The ones that lost the most were […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3922,4039,3755],"tags":[],"class_list":["post-1372","post","type-post","status-publish","format-standard","hentry","category-municipal-bonds","category-puerto-rico-bond-funds","category-ubs"],"yoast_head":"\nBillions of Dollars Have Already Been Lost by Investors in Puerto Rico Closed-End Funds that were Sold by UBS — Investor Lawyers Blog — January 10, 2014<\/title>\n<meta name=\"description\" content=\"According to new research from a consulting group, the losses of investors who purchased UBS Puerto Rico closed-end municipal bond funds is now in the — January 10, 2014\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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