WSJ – Several large hedge funds doubled down on Puerto Rico in last month’s giant bond sale despite the U.S. territory’s financial struggles, according to confidential documents reviewed by The Wall Street Journal.
Och-Ziff Capital Management LLC, Fir Tree Partners, Perry Capital LLC and Brigade Capital Management each bought more than $100 million of the bonds, according to a list of buyers of the $3.5 billion deal. The list doesn’t show whether the firms continue to hold the bonds, which carried junk credit ratings, or whether they sold some or all of their purchases afterward.
