trending Market Intelligence /marketintelligence/en/news-insights/trending/Yl0rbdKhx09cL7-9B78qDA2 content esgSubNav
In This List

NYC council member questions OppenheimerFunds role in Puerto Rico debt crisis

Blog

Banking Essentials Newsletter: September Edition, Part - 2

Video

S&P Capital IQ Pro | Unrivaled Sector Coverage

Video

S&P Capital IQ Pro | Powering Your Edge

Podcast

Street Talk Episode 81: Amid strong recovery, Banc of California hearing more M&A chatter


NYC council member questions OppenheimerFunds role in Puerto Rico debt crisis

A New York City council member has asked for a federal probeinto OppenheimerFundsInc.'s investment in Puerto Rico municipal bonds during the islandgovernment's financial crisis, Bloomberg News reported May 5.

Council Speaker Melissa Mark-Viverito is alarmed by theincreased percentage of the company's municipal bonds allocated to PuertoRico's debt, which the government has said it is unable pay on fully without arestructuring.

Mark-Viverito wrote a letter to the SEC requesting aninvestigation, the news outlet noted.

OppenheimerFunds has in recent months often sold non-PuertoRico bonds to meet redemption requests for its municipal mutual funds. Theresult has been a larger percentage allocation for the company in Puerto Ricodebt, according to the report.