{"id":1408,"date":"2014-02-28T23:12:12","date_gmt":"2014-02-28T23:12:12","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2014\/02\/puerto_rico_senate_votes_to_se"},"modified":"2022-03-11T08:59:52","modified_gmt":"2022-03-11T14:59:52","slug":"puerto-rico-senate-votes-to-se","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/puerto-rico-senate-votes-to-se\/","title":{"rendered":"Puerto Rico Senate Votes to Sell $3.5B in Bonds"},"content":{"rendered":"

\t\t\t\tThe Senate for the Commonwealth of Puerto Rico has approved a bill authorizing the sale of at least $3 billion in bonds. The legislation is geared toward assisting the US territory from defaulting on its $70 billion of debt and boost the Government Development Bank’s liquidity. Wall Street investment banks Morgan Stanley (MS<\/a>), Barclays (BCS), and RBC Capital Markets are going to handle the bond sale, which is expected to happen in March.<\/p>\n

Among the issues that still must be resolved is where, if the Commonwealth defaults on the new issuance, the US Territory can be sued. Currently, Puerto Rico has sovereign immunity and therefore can only be sued in Puerto Rico under its own laws. However, US investors who will be needed for the sale to complete want the Commonwealth to agree to waive sovereign immunity and instead agree to be sued in New York courts if there is any dispute.<\/p>\n

Since August of last year, Puerto Rico bonds have suffered significant losses. Recently, all three major ratings agencies downgraded Puerto Rico’s general obligation bonds, along with many other Puerto Rican issuances, to “junk” status. Many investors in the United States and in the Commonwealth have lost significant money on their Puerto Rico municipal bonds that were sold to them by UBS (UBS)<\/a>, Banco Santander (SAN), Banco Popular, and other brokerage firms. <\/p>\n

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

The Senate for the Commonwealth of Puerto Rico has approved a bill authorizing the sale of at least $3 billion in bonds. The legislation is geared toward assisting the US territory from defaulting on its $70 billion of debt and boost the Government Development Bank’s liquidity. 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