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Markets Commentary

Puerto Rico Restructuring

On June 25, 2014, Governor Alejandro Javier García Padilla proposed legislation that would give the island’s Public Service Corporations an orderly process whereby these companies could restructure their debt if they experience severe financial stress. The official legislation is called “The Puerto Rico Public Corporations Debt Enforcement and Recovery Act”. The bill specifically excludes debt issued by the Commonwealth of Puerto Rico, the Government Development Bank, Sales Tax Financing Corporation and several other government agencies.

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Nobody has been more critical of the regulators (SEC, FINRA) than I have, so when it seems they are for once out ahead of a problem I must give them their due.There is a looming problem coming in the credit markets. Bond funds have become huge as more investors are looking for some kind of interest based return. Meanwhile through a combination of regulatory oversight and business decisions Wall Street has become smaller. This is not a problem as long as the market is quiet and interest rates stay in a narrow band.

Morning Call

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Money Matters And More

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