{"id":1424,"date":"2014-03-27T10:20:14","date_gmt":"2014-03-27T10:20:14","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2014\/03\/puerto_rico_bonds_are_at_recor"},"modified":"2022-09-19T10:18:11","modified_gmt":"2022-09-19T15:18:11","slug":"puerto-rico-bonds-are-at-recor","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/puerto-rico-bonds-are-at-recor\/","title":{"rendered":"Puerto Rico Bonds Are at Record Low Prices After FINRA Announces It Is Looking At Transactions"},"content":{"rendered":"

\t\t\t\tAccording to Bloomberg<\/em>, Puerto Rico bonds<\/a> that were issued this month are now at record low prices after the Financial Industry Regulatory Authority announced that it is looking at transactions involving the new securities. The US territory sold $3.5 billion of general obligation bonds, which is the largest junk bond offering in the history of the municipal market.<\/p>\n

According to numerous financial news sources, the offering documents for Puerto Rico’s newly issued bonds stated there would be a $100,000 minimum order allowed so that the purchasers of the junk bonds would be limited largely to institutional buyers. Their prospectus says that bonds were to be issued at a $100,000 minimum and “integral multiples of $500,000 in excess thereof” unless Standard & Poor’s, Moody’s Investors Services, and Fitch Ratings raise Puerto Rico’s credit to investment grade. All three credit ratings agencies recently declared the US territory’s credit ratings “junk.” <\/p>\n

Nevertheless, many transactions under the $100,000 amount have been reported, despite the lack of an upgrade in the bonds. As a result, scores of Puerto Rico bond transactions issued this month were cancelled. There is also data indicating that some brokers are trading under the $1,000 minimum established by the prospectus.<\/p>\n

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

According to Bloomberg, Puerto Rico bonds that were issued this month are now at record low prices after the Financial Industry Regulatory Authority announced that it is looking at transactions involving the new securities. The US territory sold $3.5 billion of general obligation bonds, which is the largest junk bond offering in the history of […]<\/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":[3739,3922,4039],"tags":[],"class_list":["post-1424","post","type-post","status-publish","format-standard","hentry","category-finra","category-municipal-bonds","category-puerto-rico-bond-funds"],"yoast_head":"\nPuerto Rico Bonds Are at Record Low Prices After FINRA Announces It Is Looking At Transactions — Investor Lawyers Blog — March 27, 2014<\/title>\n<meta name=\"description\" content=\"According to Bloomberg, Puerto Rico bonds that were issued this month are now at record low prices after the Financial Industry Regulatory Authority — March 27, 2014\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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