According to a recent article in InvestmentNews, hurricanes Irma and Maria are having a devastating effect on Puerto Rico’s already suffering municipal bonds. According to Morningstar, 15 municipal bond funds have 10% or more of their portfolios in Puerto Rican bonds. They have lost an average1.57% last month as of September 28. The worst performer is Oppenheimer Rochester Maryland Municipal Bond (ORMDX) down 3.18% this year and 2.66% for the month through September 28th. The fund has 26% of its portfolio in Puerto Rican bonds. Many of the bonds were already in default or expected to default before the hurricanes. Physical damages from Hurricane Irma are estimated at $1 billion. The aftermath of the storms could see further flight from the island. Please call us today if you suffered losses in Puerto Rican bond funds. We may be able to help you recover your losses on a contingency fee basis.
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