Wednesday, 4 October 2017

Puerto Rico GO bonds crash

Puerto Rico GO bonds traded down to 44c yesterday on almost zero liquidity, and a 34c buy today, the smartest guys in the room buying at 80c 2 years ago and demanding a par bailout funded by US tax payers can't be happy. 

Trump taking a lot of heat on PR as well, so torching Wall Street represents 'multiple ways to win' as the morons' saying goes. 

“We are going to work something out. We have to look at their whole debt structure,” Trump said during an interview on Fox News Tuesday. “You know they owe a lot of money to your friends on Wall Street. We’re gonna have to wipe that out. That’s gonna have to be - you know, you can say goodbye to that. I don’t know if it’s Goldman Sachs but whoever it is, you can wave good-bye to that.”

Most finance guys dont get politics, or at least a changes in it. Most of them have a very simple world outlook and have had very insular upbringings and life experiences.  

http://www.municipalbonds.com/bonds/issue/74514LE86/

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