Syncora Holdings Ltd. (fka SYCRF)

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Don't be rash:

Reality check: Trump can't wipe out PR's debt - BTIG

Oct. 4, 2017 9:16 AM ET|By: Stephen Alpher, SA News Editor
The monolines are having a tough morning after the president last night suggested zeroing out Puerto Rico's debt in wake of Hurricane Maria.

The president is a powerful man, but beyond jawboning probably can't really influence the debt-restructuring process, says BITG's Mark Palmer. He also holds little sway over Judge Laura Taylor Swain, who was appointed by Supreme Court Chief Justice Roberts to oversee the whole thing.

Bottom line: Trump's comments do nothing to change what the ultimate bondholder recoveries will be.

OMB Director Mick Mulvaney is on the wires now as well saying there will be no bailout. "Puerto Rico is going to have to figure out a way to solve its debt problem."