Puerto Rican Debt Crisis Endangers Muni Funds [Seeking Alpha]
Invesco KBW Regional Banking ETF (KBWR)
US:NASDAQ Investor Relations:
invesco.com/portal/site/us/etfs/product-detail?productid=kbwr
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Source: Seeking Alpha
Summary Last July, for the first time in 84 years, Puerto Rico has defaulted on its debt. It is the first time that any state (or U.S. territory) has defaulted specifically on general obligation bonds since the Great Depression. While the bond markets did not collapse as a result - mostly because the default was expected - if Puerto Rico fails to comprehensively restructure in a manner that is fair to all debtholders, there will be substantial risk to the muni bond market, and for Puerto Rico's economic development. Puerto Rico's debt stands near $70 billion, and is spread across numerous portions of the public sector. GO bonds account for 17%, or almost $12 billion of that debt. Non-tax-supported public corporations account for about the same, and commonwealth taxes account for near a third. As with any debt default, there was a flurry of activity over how to resolve the crisis. House Speaker Paul Ryan, at the behest of President Obama, had Congress create the Puerto
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