The industry warns that bait-and-switch tactics could endanger trillions of dollars in debt and push local governments “off the precipice.”
Remnants of a city sign lay on the beach damaged by Tropical Storm Laura in Salinas, Puerto Rico, on Aug. 22, 2020. (AP Photo/Carlos Giusti)
BOSTON (CN) In a pair of cases that could send shockwaves through the multitrillion-dollar municipal bond market and dramatically increase borrowing costs for governments at all levels, the First Circuit heard arguments Thursday on whether Puerto Rico bondholders could collect on collateral for almost $4 billion worth of defaulted loans.
Puerto Rico and other parties that want the money claim the security interest of the bondholders is worthless, despite the common industry assumption that similar bonds are backed by an underlying revenue stream.
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1.) Focusing on genetic material called mRNA allowed researchers to overcome scientific barriers and develop the two vaccines now used in the United States. Here’s how it happened.