BlackRock Says Bond Market Views Puerto Rico Board as Positive
- Sean Carney calls members ‘modestly friendly’ to investors
- Puerto Rico GOs trading at highest price in five weeks
This article is for subscribers only.
The bond market is viewing a new federal control board charged with overseeing Puerto Rico’s finances as a positive for investors, according to BlackRock Inc.’s Sean Carney.
“Some of the better-secured bonds had a bit of a relief rally after the board was named,” Carney, head of municipal strategy, said Wednesday after a media presentation at the company’s headquarters in Manhattan. BlackRock manages about $124 billion of municipal debt, including Puerto Rico bonds.