Sunday, 21 December 2014
Last updated 1 hour ago
Jan 22 2014 | 12:47pm ET
Hedge and private-equity funds may ride to the rescue of a debt-ridden Puerto Rico—but at a huge price.
The U.S. territory is struggling to show that it can still borrow money while dealing with high unemployment and a huge debt load, and it may be forced to turn to the alternative investments industry. With the municipal bond market shying away from the island, Morgan Stanley has begun to drum up interest from about a dozen hedge funds, private equity firms and other investors to provide as much as $2 billion in financing.
That money would not come cheap: Puerto Rico could pay yields of up to 10%, twice the going rate in the muni market for highly-rated governments, The New York Times reports. The newspaper noted that the talks remain fluid.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.