Puerto Rico munis battered as RMBS investors take stock

Hurricane Harvey PA images
By David Bell
05 Oct 2017

Puerto Rico’s municipal debt slumped this week after comments from President Donald Trump spooked investors, but the impact on US RMBS investors will be far less immediate as service providers assess the scale of the damage on the island’s properties.

A fixed income trader said on Wednesday that debt investors were focused most immediately on the island’s $74bn of municipal debt. The bonds slumped in trading this week after comments from Trump on Tuesday caused concern that bondholders might face more severe haircuts than expected. Puerto Rico owed ...

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