"We are disheartened that Governor Padilla, in a public forum, has called for negotiations with other creditors, representing and including the millions of individual Americans that hold Puerto Rico municipal bonds," a spokesman for Oppenheimer said in a statement.
Garcia Padilla said on Monday his goal was to come up with a negotiated moratorium with bondholders to postpone debt payments for a number of years.
Puerto Rico's bonds fell sharply for a second session on Tuesday, with general obligation 8 percent bonds maturing in 2035 as low as $64.50 versus a low of $68.75 on Monday, however they had a late rally to $68. Almost 10 percent of municipal bonds that traded Monday were Puerto Rico-related, according to Janney Capital Markets.
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Garcia Padilla's remarks prompted credit agencies Standard & Poor's and Fitch to further cut ratings on the island's bonds.
The commonwealth still has yet to default. On Tuesday it made its final payment on a $900 million short-term loan, according to a source close to the banks. It will make a coupon payment of $645.2 million on its general obligation debt, due Wednesday, a person familiar with the matter said.
The island's utility PREPA, with around $9 billion of debt, and creditors are also close to a deal to avoid a potential default on $400 million payment due Wednesday, two source familiar with the talks said.
Puerto Rico's deepening financial crisis could speed up an exodus of money from U.S. municipal bond funds.
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U.S. open-ended municipal bond funds have $11 billion of Puerto Rico bonds and nearly 53 percent of such funds have exposure to the commonwealth, according to Morningstar.