Puerto Rican bond market is struggling. In a recent article in Morningstar, Eric Jacobson writes that things began to deteriorate before the 2008 financial crisis, due to a 2006 tax-benefit expiration which resulted in manufacturers leaving the island. The difficulties have only worsened since then. Many U.S. investors assume they're immune to the troubles because […]

Puerto Rican bond market is struggling. In a recent article in Morningstar, Eric Jacobson writes that things began to deteriorate before the 2008 financial crisis, due to a 2006 tax-benefit expiration which resulted in manufacturers leaving the island. The difficulties have only worsened since then. Many U.S. investors assume they're immune to the troubles because […]

The $125 million Oppenheimer Rochester Virginia Municipal Bond Fund (ORVAX) is down more than 15% this year, because of it contains 33% of Puerto Rican bonds, which have underperformed the broad municipal bond market. The S&P Municipal Bond Puerto Rico Index was down 21% year-to-date through Oct. 10, 1,900 basis points worse than the S&P […]

The $125 million Oppenheimer Rochester Virginia Municipal Bond Fund (ORVAX) is down more than 15% this year, because of it contains 33% of Puerto Rican bonds, which have underperformed the broad municipal bond market. The S&P Municipal Bond Puerto Rico Index was down 21% year-to-date through Oct. 10, 1,900 basis points worse than the S&P […]