Investors would be wise to keep an eye on funds that have the most exposure to Puerto Rico debt as the island faces unprecedented devastation from Hurricane Maria.
Puerto Rico had already racked up more than $70 billion in debt before the storm. And with a new request for $1.4 billion in federal aid from Gov. Ricardo Rossello, the island's shortfall doesn't look like it will end any time soon.
The situation led one Columbia Threadneedle Investments executive to declare that the possibility that Puerto Rico bondholders will recover all their money has "dwindled" in a blog post Monday.