Reuters – More than 60 alternative fund managers hold more than $16 billion of Puerto Rico debt as hedge funds and distressed debt investors dislodge traditional mutual funds in the island’s debt market, according to a report by Fitch Ratings on Wednesday [Aug. 13].
U.S. mutual funds, traditionally the most prominent investors in the usually sleepy municipal bond market, have seen their ownership fall to 52 percent of the $65.1 billion market, Fitch said. Puerto Rico is struggling with a sluggish economy and is widely expected to restructure some of its debt.
Alternative funds hold over $16 billion in Puerto Rico debt: Fitch
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