Puerto Rico G/O and Pub Bld Auth bond conversion As much as I like John Oliver and feel his pieces including this one are excellent, it is nevertheless dated. As noted in the Nuveen excerpt above, and in the NBC News page (NBC video/AP text) below, about half ($34.3B) of the $70B debt described by Oliver was since restructured into a $7.4B debt, plus $7B in cash payments. That's a reduction of the direct debt (general obligations of the PR government) by over half. The cost of servicing that debt is cut from 25% of the budget to 7%.
This sounds like what was being asked for in the Oliver video. Though as NBC notes, dealing with the remaining (revenue bond) debt will be more difficult.
https://www.nbcnews.com/news/latino/puerto-rico-formally-exits-bankruptcy-largest-public-debt-restructurin-rcna20054 From 20
16 until now, many of the PR bonds, including mine, were nonperforming. That was necessary. This "pause" was not mentioned in the Oliver video, perhaps because it was just a stop gap measure.
Could we please move past claims that "Sixty-four Puerto Ricans died during Maria" as stated in the Sept
18, 20
18 linked article? Even at the time of the hurricane, let alone a year later, it was obvious that the devastation was much worse. And on Aug 29, 20
18, the BBC reported "Officials in Puerto Rico now say 2,975 people died following Hurricane Maria."
https://www.bbc.com/news/world-us-canada-45338080To add insult to injury, while Florida and Texas were getting substantial federal assistance after being hit by
hurricanes in 2017, this was the photo op for federal aid to Puerto Rico:
BBH Partner Fund – Select Short Term Assets is to be liquidated Updated
https://www.sec.gov/Archives/edgar/data/1342947/000089109222001174/bbh497ssta-rf.htm497
1 bbh497ssta-rf.htm 497 (E)
BBH TRUST
SUPPLEMENT DATED APRIL
1, 2022 TO THE
STATEMENT OF ADDITIONAL INFORMATION
DATED MARCH
1, 2022
The following information supplements, and, to the extent inconsistent therewith, supersedes, certain information in the Prospectus and Statement of Additional Information. Unless otherwise noted, capitalized terms used in this supplement have the same meaning as defined in the Prospectus and Statement of Additional Information.
I. BBH Partner Fund – Select Short Term Assets
The BBH Partner Fund – Select Short Term Assets (the “Fund”) was liquidated on March 3
1, 2022. The Statement of Additional Information contains references and information related to the Fund. All information to the Fund is hereby deleted from the Statement of Additional Information.
Please contact the Fund at
1-800-575-
1265 if you have any questions
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
RCTIX - Manager Change I have a 401(k) and a taxable account at Fidelity.
Previously, my Roth IRA was also at Fidelity.
I've received good customer service the relatively few times that I've called them.
Granted, there were several occasions where I was on hold a bit too long.
Customer service reps couldn't answer my questions once or twice.
The reps said they would investigate further and contact me at a later date which they did.
Grandeur Peak Global Explorer Zero Assets Riddle? Dennis,
Thanks for the heads up. I will look into what may be happening with the daily updating. $10.3M is accurate.
Best,
Eric
Eric Huefner
President & COO
Grandeur Peak Global Advisors, LLC
136 S. Main Street, Suite 720, Salt Lake City, UT 84101
Direct: 801.384.0003 Cell: 801.870.0153
www.grandeurpeakglobal.com
Puerto Rico G/O and Pub Bld Auth bond conversion
Inflation: Food prices are going up — and at levels Americans haven't seen in decades
Puerto Rico G/O and Pub Bld Auth bond conversion A couple of weeks ago, most PR bonds (G/O and PBA) were converted to a slew of other bonds, plus cash. This is as part of the settlement to get PR out of bankruptcy.
Puerto Rico’s direct debt will be reduced to $7.4 billion from $34.3 billion. General obligation (GO) and public building authority (PBA) bondholders will receive $7.4 billion in new GO bonds and a $7 billion cash consideration. An additional contingent value instrument (CVI) will allow creditors to benefit from a portion of the outperformance in sales tax collections as well. Annual debt service (inclusive of COFINA sales tax bonds) will be reduced to $1.15 billion from $4.2 billion, an over 70% reduction.
https://www.nuveen.com/en-us/insights/municipal-bond-investing/municipal-market-updateFrom EMMA (MSRB), here are the information docs for the replacement bonds:
10 coupon (current interest) bonds and 2 zero (capital appreciation) bondsCVI bondsBonds (other than the CVI) that mature in 2033 or later are callable.
I held one G/O bond. It wasn't until today that the transactions and figures for the
13(!) bonds added up. This could have been confusion on the PR end, or it could have been poorly recorded by my broker's clearing house (Pershing).
For example, early on the broker was reporting a
100% loss on the original bond, meaning that there were zero proceeds. Yet there were proceeds - part used to pay the cash (mentioned in the Nuveen piece, above), and part used to pay for the bakers dozen bonds that were issued as replacements.
Has anyone else had a bond replaced? Do your broker's figures make any better sense?
Buy Sell Why: ad infinitum. Regarding Puts & Calls, there is the Put/Call Ratio commented on by McClellan Financial:
When the market changes its mood, indicators can sometimes change theirs to match. That is the message of this week’s chart.
Traders and analysts have been watching the Put/Call Ratio ever since the late Martin Zweig first called attention to it decades ago. In his 1986 book Winning On Wall Street, Zweig described his research in the 1960s, digging through figures from the Securities and Exchange Commission going back as far as WWII, and noticing that “…when options investors got too optimistic - - buying lots of calls and shunning puts - - the stock market was generally heading for trouble. The reverse was also true.”
The persistent problem over the years has been in determining what constitutes “high” and “low” readings for the Put/Call Ratio. This task is best done in retrospect, but we have to analyze and trade in realtime. And that can be hard.
learning_center/weekly_chart/put_call_ratio_range_shift/
Finally, a down quarter Portfolio #1 -5.67 % Portfolio #2 -1.17 %
Steady as she goes.
