{"id":1677,"date":"2015-07-16T20:24:43","date_gmt":"2015-07-16T20:24:43","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2015\/07\/oppenheimerfunds_says_puerto_r"},"modified":"2022-03-22T14:25:41","modified_gmt":"2022-03-22T19:25:41","slug":"oppenheimerfunds-says-puerto-r","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/oppenheimerfunds-says-puerto-r\/","title":{"rendered":"OppenheimerFunds Says Puerto Rico Can Repay Its $72B Debt"},"content":{"rendered":"

\t\t\t\tOppenheimerFunds Inc. (OPY)<\/a> is disputing Puerto Rico Governor Alejandro Garc\u00eda Padilla’s contention that the island cannot pay back its $72 billion debt. The New York-based mutual fund company said that based on data about income growth, sales-tax collection, and unemployment, the U.S. territory’s economy can withstand repaying creditors. <\/p>\n

According to Bloomberg<\/em> data, as of July 9, OppenheimerFunds, which is the largest holder of Puerto Rico municipal bonds, had about $4.4 billion of uninsured obligations from the island. Aside from insured debt, re-refunded securities, and tobacco bonds, these obligations make up 13.8% of Oppenheimer’s municipal fund holdings. <\/p>\n

As Puerto Rico bonds continue to lose value-data shows that this year alone Puerto Rico bonds suffered a 9.5% loss-OppenheimerFunds’ municipal funds also have suffered. Bloomberg<\/em> reports that for 2015,the company’s state funds in Arizona, Virginia, Maryland, New Jersey, and North Carolina, which all hold Puerto Rico securities, sustained the largest losses among single-state, open-end muni funds. <\/p>\n

When Garc\u00eda Padilla asked for wide-ranging restructuring of the territory’s debt last month, OppenheimerFunds said it would defend the terms of the bonds it holds. The firm does not believe the territory’s fiscal health will get better even if some of Puerto Rico’s agencies file for bankruptcy protection.
\n Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

OppenheimerFunds Inc. (OPY) is disputing Puerto Rico Governor Alejandro Garc\u00eda Padilla’s contention that the island cannot pay back its $72 billion debt. The New York-based mutual fund company said that based on data about income growth, sales-tax collection, and unemployment, the U.S. territory’s economy can withstand repaying creditors. According to Bloomberg data, as of July […]<\/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":[3922,3786,4039],"tags":[],"class_list":["post-1677","post","type-post","status-publish","format-standard","hentry","category-municipal-bonds","category-oppenheimer","category-puerto-rico-bond-funds"],"yoast_head":"\nOppenheimerFunds Says Puerto Rico Can Repay Its $72B Debt — Investor Lawyers Blog — July 16, 2015<\/title>\n<meta name=\"description\" content=\"OppenheimerFunds Inc. 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