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Recently I sat in on a Fox conference call with David Boreanaz and Emily Deschanel of the TV series, "Bones." The show's season finale, which was directed by Boreanaz, airs Monday May 19 at 7 p.m.
Q: You're directing the finale, David. Can you kind of talk about doing that and then, Emily, about being directed by David?
D. Boreanaz: Well, it's always a challenge to take on something like the season finale. There's – you know, you get to the end of the season and then everybody's, you know, a little tired and worn out and, you know, the patience is thin, and with this specific season finale being that there was so much information that we kind of had to gather up and put out there in one 45-minute hit, it made it, you know, difficult and challenging. There were lots of elements that were involved, whether it was, you know, dealing with the big, huge hearing in front of Congress or the intense battle between other forces that could come in and jeopardize Bones and Booths' relationship as well as the outcome of where they're heading into as far as season ten is concerned.
So you take all that into account and it definitely is a journey and something that, by the end of it, you're pretty exhausted.
E. Deschanel: I love being directed by David, and I'm not just saying that. I say it to everybody who's not on our set. I think David is just really talented as a director as well as an actor. He has a whole other career, if he wants it, when this thing's over, if he wants to do that he could make a whole career out of it.
He's great technically, he's good with the actors, he'd decisive, he knows what he wants, he knows what he doesn't want, he comes in and, like, I'm always just amazed at how he's dealing with all these incredible elements and he makes it seem so easy. Yes, there's huge scenes. Like you said, the Congressional Subcommittee, there's a lot that goes on in this episode, without giving too much away, but there's a lot of elements and he does it all with ease, and I love working with him.
So it was a pleasure, once again, to work with him as an actor, with him as a director and I think that the season finale, you know, working on it, it was a great experience. It's a really – there's a big cliffhanger. It's – there's a lot going on for Booth and for Brennan. And so, I think everyone will be pleased. I haven't seen the episode yet, but everyone who's seen it has been raving about it, so I'm really excited to see it myself
Q: The finale is supposed to be really explosive. Can you talk about how that will affect Bones and Booth's relationship?
E. Deschanel: Yes, there's a huge thing that happens at the end of this episode that, you know, we're not going to tell you about right now, but it changes everything. For a while, with not only Booth and Brennan, between them, but also between kind of everything, Booth's job, possibly Brennan's job – I mean, everything.
So I can't tell you exactly how it changes things, but it will change the dynamic and, you know, kind of everything about them and their work and relationships.
D. Boreanaz: I think it puts them in a different place for sure. I mean, we kind of know that going into a new season and what we're going to do with these characters, but I think it's interesting to see the end of this run, especially season nine in this specific finale, that there is a lot of destructive forces that could kind of come upon us and we find out that there's more to it than what meets the eye and they've been kind of working kind of underground for a while, whether that's through conspiracy theories or just, you know, stuff that they've been hiding in the FBI or through the Jeffersonian, but it all kind of comes to a head and it's pretty detrimental at the end.
You know, things will change for the good and there will be, also, things that they'll have to adjust to. I keep saying adjusting because it's definitely going to be different.
Q: Can you talk a little bit about working with Freddie Prinze, Jr. this season?
D. Boreanaz: He's great. Freddie was great. I mean, he came in – it's always tough and difficult for guest stars to come in on an arc and on an already existing show because everyone knows each other and I'm sure it's always like, kind of like, "Oh, I'm going to go do this arc," but he is so grounded and professional and he's a true pro. He just comes in and he knocks it out in a way that's very honest and a lot of fun as well. So he kind of fit right in and, you know, I hope to have him back, you know, this season for season ten. I really enjoyed working with him and he's just a great person as well.
Q: There's a new squintern coming to play in the next episode. How do Booth and Brennan react to her?
D. Boreanaz: Well, when it comes to the squints, I rely on my main Bones, my main girl. She evaluates all the squints. I just love having some fun and making sure they have all the info in order to solve the crime.
E. Deschanel: Yes, well, I guess, I mean – yes, I, Brennan thinks that the new squintern is very good at her job except she does not care for the way she guesses about things and makes assumptions. And Brennan is by-the-book and doesn't appreciate that kind of – Laura Spencer plays the new intern. Now I can't remember the character's name, but what is that? Hopefully it'll come to me, but – Kim will probably tell us at the end of the call.
So she's kind of an intuitive person. Even though she's very smart, her intuition probably comes from experience, but she throws things out and you know, in the episode coming up she's like, "I'm just getting a vibe that this is an athlete" and then we find evidence that he was an athlete. She really rubs Sweets the wrong way, but then that attention might turn to in a romantic way, she certainly kind of has her, has some interest in Sweets. So that's kind of an interesting development.
Q: I know that you guys have been together and acting for obviously such a long time and you're going into season ten, but how has the chemistry remained, like, intact with you two because you two are so funny together and I've seen you at Comic-Con and I've interviewed you guys in the past and you just are always laughing and funny together and you guys have such great chemistry.
D. Boreanaz: You've seen just the good days. There are bad days. I think what – you know, what's unique in this situation, seriously from day one, honestly, blessed to have a costar that can be open and honest and just tell me, like, "You're bothering me today" or, "I have an issue." We have complete trust and respect for each other that we can just go aside and say, "You know what? I'm having a bad day. Just know where I'm coming from, Emily," and we both support that in each other.
Shooting a television show is hard enough and it takes a lot of time and it takes away from your personal life, your family life and you know, thank god I was blessed with a costar who is so generous and supportive and yet also, we just – we have a bad day, we have a bad day. We recognize it and we go on. We don't hold onto it, we don't judge and we just go forward. And I think that kind of helps our chemistry. We use it. We use what we're going through in our scenes and we've learned early on that that helps our chemistry. If anything, it helps our chemistry and it helps us grow with the characters rather than being so stagnant and say, "Hey, we're in season nine, so let's just kick back" and do nothing about it and take it for granted. You can't. You have to be able to push every moment and every scene. It's so important. Yeah, we have those moments, but you know, I think that's what helps us.
E. Deschanel: I totally agree with everything David said. We have open communication, which is something we started from the beginning, like he said. We just tell each other if we're in a mood or the other one's annoying either of us or something. And you know, we just, we accept that we're not, you know, we're not perfect, you know but I think one thing, too, is that we both know how important this relationship is both onscreen and off and how important it is for us to get along together both onscreen and off and how we both have a commitment to the show. Like David said, it's not like you're like, "Oh, it's season nine" and we're resting on our laurels. We're working hard.
Like David said, for six seasons we would meet every weekend and work on stuff together. Now we do stuff on our own. We both – our families have expanded and you know, lives have changed, but we have that foundation and we're really committed to making this show as good as it can be. And part of that is getting along onscreen and off, like I said, and like, you know, David's a really fun guy to work with. He, you know, he doesn't – he's not like a dark person. He can play that, he can do, you know, serious stuff and deep stuff, but we both believe in having a good time.
We're not doing, you know, brain surgery here, we're not curing cancer. We're entertaining people and we absolutely can have fun while we're doing that and have fun together with everybody else on our crew and cast. So you know, I'm really lucky that David is such a fun person to work with and a great guy.
Q: Is it a weird transformation of playing partners to them ultimately having a relationship and you know, kissing on screen and having a family?
D. Boreanaz: Well, you know, it's development of the character, obviously. The crux of it was these two characters that, who had to work together and there was a sexual tension, there was a conflict and we played that and we continue to play that. I mean, in our subtext when we're working together, even though the two characters are married and they have a kid, so that's part of your job, to do that, and if you can't excite the writers then what's the purpose? I mean, you have to continuously do that.
So for us it's always been about the relationship of the characters, going back to that and exploring that and making that fun for the audience.
Q: I was just wondering, with the show having been on for a long time now it offers kind of opportunities for developing characters a great deal over that time. What and how have you enjoyed seeing Bones and Booth develop over that time?
D. Boreanaz: I've enjoyed it. I continue to enjoy it. It's not something to me that is, that I put a period on yet. It's, for me, it's growth with inside the themes and the moments and where you can take them because at the end of this season when we were shooting, there were moments that were pretty intense that reminded Booth of that inner child and how much he still wants to play with this other character. And for me, that's really what it's about.
So you know, you watch him, you partake in these nine seasons and you just make it fresh. And when we started season one, scene one, everyone's like, "Oh, you're going to get to two and three and four" and I don't – and I think Emily knows this about me – go back in the past. I focused on the work tomorrow and whether it's season six or season seven or I'm gracious to get to ten seasons, to me it's the same scene, the same shot that we did when we first shot the first scene of the pilot.
E. Deschanel: I was like, it's the same scene? I was wrapped up in your thoughts. I'm like, am I supposed to say something? Yes, I mean, I think that if we had not changed as a couple and as characters, the show wouldn't be as interesting. I'm so glad that they've, that we've evolved over time and our relationships have evolved over time, and it's not just Booth and Brennan, but Angela and Hodgins and Cam and Sweets, etc. So I think that, you know, thank god we've been changing this whole time and it hasn't remained stagnant and it's different. We keep moving forward, like David said, and it keeps it interesting.
Q: Where would you like to see them go in the future?
D. Boreanaz: You know, I think the future, like I said, is destined only for tomorrow's work and today's thoughts, so I can't say what's going to happen to them because I don't look that far down. When I look at the first episode of season ten, then I'll focus on that and then where I am with the character. You know, I'm sure that Hart and Stephen have – know how this show is going to end, but you know, it's the same thing what happened when how will they know they were going to get married and have a child? You know, circumstances happen in real people's lives. Emily got pregnant and it organically happened, and it happened and it felt right for the show. It wasn't pushed, it wasn't pressed, and I think that we believe in that, at least I do, and I think that's what it's all about for me.
E. Deschanel: David definitely likes to live in the moment and he doesn't, you know, he doesn't live in the past, he doesn't live in the future. I worry probably too much about the past and future, but I don't know. I really leave that to the writers to decide and then where we're going, but you know, always have, you know, thoughts and stuff once we see what they're thinking, but I don't know. I kind of love being surprised, so I leave it to the writers to decide where we're going in that way.
Welcome to Emily Deschanel Daily, your largest online resource dedicated to the beautiful and talented actress, Emily Deschanel. Emily is most known for her role as Dr. Temperance Brennan on FOX's hit drama "Bones." We here at Deschanel Daily have been serving Emily fans worldwide since 2009 with all the latest news, photos, videos, and other media. You can browse through tons of information on Emily and her career, a photo gallery with 90,000+ photos, and so much more! I hope you enjoy and come back soon!


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Paleo Burn Diet - Paleo Burn Review
Paleo Burn Diet: A Unique Weight Loss Diet Plan
Paleo Burn Diet is a tested diet that had given terrific outcomes not just for the time being yet for the life time of the individuals. Paleo Burn Diet. The amazing factor of this diet system neither compels you to reduce down your diet plan nor does it insist you to do comprehensive fitness to lose weight effectively.
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The meals items that are not taken as Paleolithic diets and are not allowed to be consumed feature milk products, processed meals, grain grains, legumes, fine-tuned sugar and sodium.
Thus Paleo Burn Diet not just declares to deal with your obese trouble however additionally your general wellness and health.
Individuals who are enduring from the complication of overweight usually attempt different weight reduction strategies like fitness, running, running, weight reduction diet strategies and what not however after preliminary impact all of them prove to be inefficient for lengthy time. Paleo Burn Diet is a proven diet plan that had offered splendid outcomes not just for the time being but for the lifetime of the users. The impressive factor of this diet system neither compels you to cut down your diet nor does it insist you to do considerable workouts to shed weight efficiently. You could have tried a number of diet plan strategies till now to get rid of your obese trouble yet the diet strategy presented by Paleo Burn Diet is somewhat uncommon as contrasted to them. The diet plan in Paleo Burn Diet is basically based in the kind of diet, which consists of the meals that existed prior to the age of innovation in farming.

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Quick Search
About Burgundy - Burgundy
Linked to its famous wine is a history of Burgundian food. The famous beef bourguignon, coq au vin, escargot and the wonderful tastes of many "peasant" dishes are just some of the many riches of this area, not forgetting the world famous Dijon mustard. The riches of the region, however, go far beyond wine, food and fabulous restaurants. Most famously, Burgundy is home to the French Formula 1 Grand Prix.
For the outdoor enthusiast Burgundy offers rivers, canals, lakes, large forests, rolling countryside and the gem of the area, the Morvan National Park. One of the best ways to explore the region and soak up its atmosphere is by boat. Burgundy is the perfect setting for waterway holidays, including the beautiful Canal de Bourgogne. Walking or cycling along the canals is also a popular pastime.
History also abounds in the area. A centre of medieval religious faith, many relics from its Roman past can still be viewed in the two great abbeys in Vezelay and Fontenay, and the ruins of the monastery at Cluny.
Whether your interest is exploring Dijon's medieval churches or sampling fine wines in Beaune, cruising along one of Burgundy's many canals or simply taking in the fabulous scenery by bike or foot, Burgundy has something to offer everyone.
Burgundy comprises four departments: Cote d'Or, Nievre, Saone et Loire and Yonne.
- Cote d'Or (Golden Hillside) is home to many of the great Burgundy wines and Dijon, the capital of the region. Famous for more than just mustard, this vibrant university city boasts streets rich in medieval and renaissance architecture and a collection of great paintings and sculptures in the Musee des Beaux-Arts. Dijon is definitely worth visiting during one of its festivals, such as the carnival in March with its parade of giant masks, July's national street artist festival or for the October film festival.
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Burgundy has an excellent cl


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Muni Opinion Fixed Income
- Julian Charles
- 3 years ago
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1 Strategy Insights December 2013 Muni Opinion Fixed Income Volatile territory: a balanced view of Puerto Rico debt Recent headlines regarding Puerto Rico s debt burden have unnerved investors and caused significant price declines and volatility in the Commonwealth s bonds. This month we thought we would give some background on Puerto Rico s fiscal challenges and discuss how investors should view bonds backed by various Puerto Rico issuers. A lot has happened since the last time we discussed Puerto Rico in The Muni Opinion. A few key developments have been the election of a new governor, credit downgrades by the three major credit-rating agencies, passage of meaningful pension reform legislation, release of a budget with increased revenues and cost control measures, and increased public awareness of the Commonwealth s underlying credit characteristics. All of these factors have been important, some for positive reasons, others for negative, but the last point has been especially relevant for bond holders in recent months. As the fiscal and economic challenges facing Puerto Rico have become better known, prices on the Commonwealth s bonds have fallen and experienced above-average price volatility. Yields on Puerto Rico debt have increased by more than two percentage points as certain investors have sought to reduce exposure to the credit. Contributors Gene Caponi, CFA, portfolio manager, senior municipal research analyst, Deutsche Asset & Wealth Management Philip G. Condon, head of municipal bond portfolio management, Deutsche Asset & Wealth Management Carol L. Flynn, CFA, head of municipal bond research, Deutsche Asset & Wealth Management Ashton P. Goodfield, CFA, head of municipal bond trading, Deutsche Asset & Wealth Management Kevin M. Walsh, CFA, investment specialist, Deutsche Asset & Wealth Management
2 The Commonwealth s low BBB credit quality has always been well below that of most U.S. state general obligation bonds, whose average credit rating is AA. 1 Because of the credit trend over the past decade, many bond-market participants, including our portfolio team, have been cautioning investors against overexposure to Puerto Rico debt for some time. But the violent price reactions that Puerto Rico bonds have seen following recent headlines, greatly magnified by market technical factors, have been a surprise to most. In the following pages, we ll provide a balanced review of the fundamental credit and technical situation, the various types of Puerto Rico debt, and how recent changes will affect the Commonwealth, as well as its bondholders. A brief overview of Puerto Rico bonds The large increase in outstanding Puerto Rico debt in recent years has come as a surprise to many people. Since 2007, Puerto Rico has funded central capital projects and a portion of operating deficits with bond proceeds. The total public debt burden now stands at more than $70 billion. Tax-supported debt, which excludes self-supporting and enterprise debt, has risen to 52% of gross domestic product (GDP), or 3.4 times the governmental funds revenue. 2 Debt service is about 12% of the governmental funds budget. What concerns us most is not the current level and affordability of Puerto Rico s debt, but the pace at which the debt has been increasing. If debt levels continue to rise at the same pace they have been increasing in recent years, the situation will become unsustainable, in our opinion. What s been most surprising to some municipal-bond investors is the fact that many retail portfolios had high, in some cases double-digit, percentage concentrations of bonds issued by Puerto Rico. Investors in state-specific funds often times thought they were invested only in bonds issued within their state, while in fact they were invested in bonds that are not taxable in their state. This includes debt issued by U.S. territories, most notably Puerto Rico. The island s fiscal and economic situation has been the subject of media and market attention over the last several years, with the focus becoming more intense this past August. With negative articles coming on the heels of this summer s bond-market correction, Detroit s municipal bankruptcy filing and significant redemptions out of bond mutual funds, the market has harshly punished the market price of all Puerto Rico bonds. The selling came not only from U.S. mutual-fund and private-account investors, but, significantly, from investors on the island itself. In many cases, these large investors had taken on leverage to invest and bought funds that implement leverage. This leverage upon leverage made the downward pressure on prices more extreme when forced selling began. In our view, some positive effects have resulted from the increased credit scrutiny and higher bond yields. First, Commonwealth law makers have been forced to focus on making hard budget decisions and reducing the amount of new debt that will be issued in the near future. A second constructive market outcome has been the broadening of demand for Puerto Rico bonds. Non-traditional crossover buyers, including taxable private, hedge, and credit opportunity funds, have increased their knowledge of the credit and have been significant marginal buyers of Puerto Rico bonds. Last, we ve recently seen a greater effort toward investor outreach and signs of better market disclosure from Commonwealth officials. Though not currently an institutional practice, we d view receiving prepared multi-year financial plans as another substantive step in the right direction. Fundamental credit characteristics With a population of 3.7 million, Puerto Rico is a territory of the United States under the supervision of Congress. Congress and island voters approved Puerto Rico s constitution in 1952, establishing Puerto Rico as a Commonwealth with a common defense, market, currency and citizenship. Residents serve in the U.S. military. In prior decades the island economy has been closely linked to the U.S. mainland. Economic output has been heavily reliant on manufacturing exports flowing to the states. Figure 1 outlines several of the key developments that have occurred in Puerto Rico in recent years. 2
3 So how did the situation in Puerto Rico become so problematic? For most of the 1980s and 1990s, up to the mid-2000s Puerto Rico s economy correlated fairly well to the U.S. economy. Almost half of Puerto Rico s economic output is generated by manufacturing, and more than 70% of exports flow to the mainland. Between 1996 and 2006 the corporate section 936 federal tax credit which effectively exempted income earned by U.S. corporate subsidiaries operating on the island from federal corporate income taxes was phased out. The economic downturn, which began in the middle of 2006, was related to the phaseout of section 936 and rising oil prices, followed by the worldwide Great Recession and Commonwealth government downsizing. Real gross national product (GNP) hit trough annual declines of 3.8% and 3.6% in fiscal years 2009 and 2010 (as Figure 2 shows), with the unemployment rate peaking at 16.9%. 3 Population decline has also occurred, consistent with the historical pattern of the mainland serving as an economic safety valve. Population loss has been at an average pace of 0.6% per year since Through the economic downturn, government finances have experienced persistent yet declining general operating deficits. Commonwealth leaders responded with expenditure reductions, including dramatic government job cuts, along with revenue-raising measures. Not unlike other states that have faced economic dislocations, officials have funded annual budget deficits with one-time measures and borrowings. Figure 1: Key developments in Puerto Rico December 2006: Puerto Rico enters recession, Moody s downgrades Puerto Rico debt to Baa3 and the Puerto Rico Sales Tax Financing Corporation (COFINA) is established as a deficit-financing mechanism. December 2007: The United States enters recession. May 2010: Republican Luis Fortuño from the New Progressive Party becomes governor, and Puerto Rico s unemployment rate peaks at 16.9% (vs. 9.6% in the United States). June 2011: Puerto Rico privatizes Highway 22. January 2012: Act 22, also known as the Act to Promote the Relocation of Investors to Puerto Rico, is passed. January 2013: Democrat Alejandro Padilla from the Popular Democratic Party becomes governor. February 2013: The Federal Aviation Administration approves the privatization of Luis Munoz Marin International Airport. March 2013: Standard & Poor s and Fitch downgrade the Commonwealth s general-obligation debt to BBB. April 2013: Puerto Rico passes Act 3, a pension reform act January 2006: The Section 936 possession tax credit is terminated for tax years after May 2007: Standard & Poor s downgrades Puerto Rico debt to BBB. November 2012: Puerto Ricans vote to become a state in a non-binding referendum. December 2012: Moody s downgrades the Commonwealth s general-obligation debt to Baa3. June 2013: The Puerto Rico Supreme Court upholds Act 3. July 2013: Puerto Rico passes Act 40, also known as the Law for the Redistribution and Adjustment of the Tax Responsibility, and the Puerto Rico Aqueduct and Sewer Authority (PRASA) approves a 60% waterrate hike effective July 15. August 2013: Puerto Rico sells $675 million of Puerto Rico Electric Power Authority (PREPA) bonds, funding two years of a capital improvement program (CIP) at around 7% yields, and a Barron s article prompts concerns September 2013: Puerto Rico announces that it has privately placed $800 million in highway Bond Anticipation Notes (BANs) repay the Government Development Bank (GDB), in addition to $600 million in Tax and Revenue Anticipations Notes (TRANs). A GDB review is announced. 3
4 Figure 2: Economic decline has not been as deep or as long as many people believe 6.0% Population (year-over-year percentage change) Real GNP (year-over-year percentage change) 4.0% 2.0% 0.0% 2.0% 4.0% 6.0% E In 2006, the Commonwealth legislature authorized an island-wide sales and use tax, which was partly leveraged to issue and secure Puerto Rico Sales Tax Financing Corporation (COFINA) bonds, the proceeds of which were used to help bridge what has become a lengthy transition period. A total of $15 billion of COFINA sales-tax bonds were issued beginning in In 2012 the island economy appeared to have recovered from bottom, with GNP and employment showing modest growth, and unemployment trending down to a monthly low of 13.0% in April For fiscal year 2013 the Commonwealth general fund sustained an adjusted budgetary operating deficit of $1.3 billion (15% of revenue), down from a peak budget deficit in fiscal year 2009 of $2.9 billion (37%). (See Figure 4.) Current credit conditions Average GNP growth Average population growth % 0.9% % 0.4% % 0.6% Source: World Bank and the Puerto Rico Planning Board as of September figures are estimates. There is no guarantee that forecasts will be realized. The public credit-rating agencies (Moody s, Standard & Poor s and Fitch) have responded to Puerto Rico s economic challenges by downgrading the Commonwealth s credit rating. They ve cited the stubbornly weak economy, growing debt burden, persistent structural budget imbalance and need to address a very large pension funding problem. Moody s downgrade of Puerto Rico in late 2012 to Baa3 with a negative outlook, just above the belowinvestment grade level, prompted Puerto Rico bond-market yields to increase and credit spreads to widen significantly. So far in calendar-year 2013, we believe the newly elected Commonwealth government has taken additional meaningful action to address the ongoing fiscal problem. First, legislation was passed to reform the employee retirement system, with significant change to move annual budget contributions to a manageable level (7% of budget). The expectation now is that the system will remain solvent over the next 45 years. Despite being legally challenged, the pension reform legislation was subsequently upheld by the Commonwealth s Supreme Court. Second, the current fiscal year 2014 budget included significant revenue and cost-control measures to reduce the structural budget deficit to a more moderate $820 million (8.6% of general fund revenue, or less than 1% of GDP). Key ingredients were a rise in corporate taxes and expansion of the sales and use tax, expected to produce more than a 20% increase in general fund base revenue. Third, action was taken to approve substantial increase in user rates and revenue for both the Puerto Rico Aqueduct & Sewer Authority (PRASA) and Puerto Rico Highways & Transportation Authority (PRHTA). Both essential enterprises have historically relied on government subsidies and loans to pay operating and capital expenses. The rate increases should help to make the enterprises self-supporting. 4
5 Last, with a legacy of having privatized the telephone, steamship, and a portion of toll-road enterprises, the Commonwealth closed a concession deal to lease the Luis Munoz International Airport. The airport enterprise received a significant up-front payment which was used to pay down debt, along with committed annual capital improvements. The government administration s goal is to achieve full structural budgetary balance for the fiscal year beginning July We believe that execution of this plan will very well be the key to maintaining investment grade credit ratings. Despite our perception of the Commonwealth s strong willingness to take corrective fiscal action, current budget uncertainty rests with revenue estimates, the economic impact of an expanded tax burden, the ability to adjust the budget, market access and vulnerability to world economic conditions. On a positive note, reported general-fund revenue for the first fiscal quarter of the fiscal year 6/30/14 has exceeded budget estimates. Moreover, Moody s, Standard & Poor s and Fitch recently affirmed Puerto Rico s investmentgrade general-obligation bond rating. Fitch placed Puerto Rico s general-obligation bond rating on watch negative, signaling that it will reach a decision whether to downgrade the credit to below investment grade by June We believe that the next milestones for evaluating the Commonwealth s credit rating should be ongoing monitoring of budget numbers, market access and review of the fiscal-year 2015 budget proposal early next year. Credit risks There are five credit risks we see, described below. Declining population and economic trend. Real GNP in Puerto Rico has declined in six of the last seven years. The economy and budget remain dependent on manufacturing output. Income levels are well below the average of the states, but above many sovereigns in the region. Figure 3 shows GDP per capita and highlights that while Puerto Rico falls short of the United States, its GDP is above average relative to Latin American countries. Substantial growth in the tax-supported debt burden. This is mostly attributable to deficit financing on top of capital issuance for a central, consolidated government. As Figure 5 shows, the net tax-supported debt of $53 billion (as calculated by Moody s) is equal to 52% of GDP, or 3.4 times the governmental funds revenue. This is a significant jump from tax-supported debt of $31 billion (as calculated by Moody s), or 34% of GDP in Another $18 billion of outstanding debt has been issued by component business enterprises that charge for their services. The larger employee pension system cash flow challenge has been addressed, but the teacher pension system funding still needs to be solved. Figure 3: GDP per capita $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $0 Ecuador Dominican Peru Colombia Panama Costa Republic Rica Mexico Brazil Argentina Venezuela Uruguay Chile Puerto Rico United States Source: The World Bank as of
6 Figure 4: Annual deficit (in millions) and percentage of general fund revenue $0 $500 4% $1,000 15% 9% $1,500 22% $2,000 $2,500 $3,000 37% 34% 27% $3,500 FY B 2015E Source: Financial Information and Operating Data Report as 10/18/ figure is budget goal figure is an estimate. There is no guarantee that forecasts will be realized. Figure 5: Net tax-supported debt (in millions) and percentage of GDP $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $0 34% 52% Source: Net tax-supported debt as calculated by Moody s as of Persistent yet declining general operating deficits. Over the past several years, operating budget deficits have become the norm in Puerto Rico. The deficits peaked at 37% of general fund revenue in 2009, as Figure 5 shows. This is made problematic by an uneven track record of meeting budget targets. Moreover, some recent tax increases are temporary and excess sales and use tax receipts (9% of general fund revenue) that flow to the general fund are subject to decline, as annual debt service on sales-taxbacked debt increases over time. Above average reliance on federal transfers and policy. One-fourth of Puerto Rico s aggregate personal income to individuals comes from federal transfer payments, with 70% from entitlement programs such as Social Security, veterans benefits, and Medicare. Other competitive constraints are the minimum wage law and the Jones Act. Minimum wage on the island is a challenge because Puerto Rico is subject to the same minimum wage as the United States, but the average wage in Puerto Rico is not significantly different from the minimum wage. Therefore, it is more expensive to hire new workers in Puerto Rico relative to the United States. The Jones Act requires that goods shipped or passengers conveyed between U.S. ports and Puerto Rico be carried on U.S. flagships, which some have argued reduces competition and increases costs for Puerto Rico. Recently weakened access to the public credit markets. The government plans to issue public bonds to refinance existing privately placed notes for liquidity management purposes by year end, depending on market conditions. However, the recent sharp increase in interest rates and credit spreads for Commonwealth bonds has created a condition of less certain affordable access to the public credit markets. Government officials are confident about having adequate financial liquidity through the middle of 2014, and sufficient capital demand from financial institutions and private investors. Aside from the challenges higher yields create in issuing new debt, market access could be reduced should budget estimates not be met and public credit ratings fall to below investment grade. If this were to happen, some investors 6
7 would not be able to purchase the bonds, and in some cases may have to sell any existing holdings. This could create further price volatility. In addition, the government has had inconsistent market disclosure practices, which may cause some investors to be hesitant to purchase the credit. Potential credit opportunities There are five potential credit opportunities we see, described below. Large population and economy, broad sovereign rights and fiscal autonomy. The tax base of Puerto Rico is broad. The top marginal individual income tax rate is 33%, the individual capital gain and dividend rate is 10%, the sales and use tax rate is 6.5%, and the top corporate tax rate is 39%. In many ways the government has more flexibility than do the U.S. states. Residents are not subject to U.S. federal income taxes, but are instead subject to income tax from the Commonwealth. The government offers substantial corporate tax incentives to promote business. There are strong economic, political and strategic ties with the United States, with monitoring and collaboration from Washington, D.C., and the Federal Reserve. Recent demonstration of willingness to take corrective fiscal action. As previously discussed, recently Puerto Rico has taken steps to improve the credit outlook on its bonds. First, the Commonwealth addressed the dire situation the pension plan was experiencing. The plan was on a path to run out of money by 2019, but pension reform has improved the cash-flow situation for 45 years, should assumptions hold. The current fiscal-stabilization plan also included budgeted increases in revenue, which should reduce the annual budget deficit, with a goal of eliminating deficit financing by fiscal year Finally, a plan has been implemented to move enterprise systems, such as PRASA and PRHTA, to self-sustainability. This would mean these authorities would become largely independent of the Puerto Rico s general fund. Figure 6: Puerto Rico: one of the jurisdictions with the highest industrial density of biotechnology Anglotech Lifescan Abbott Medical Optics Cardinal Health Edwards Lifesciences Integra Neuro Sciences TPI CDI Fenwal International Pace Analytical Rice Tec, Inc. Bayer-Cropscience Sartorious Stedirm Biotech AbbVie Biotechnology, LTD AbbVie Abbott Merck Monosanto Pfizer St. Jude Merck Essilor Covidien Zimmer Roche Diagnostics Classic Industries AbbVie Baxter Medtronic BASF Agrochemical Janssen-Ortho Bristol-Meyers Squibb Ortho Biologics Patheon Warner-Chilcott Venticon Boston Scientific Heraeus Pfizer Promed Fund, Investigación de Diego Steris BLU Pharma Astra Zeneca Biomet Eli Lilly Janssen-Ortho Janssen-Cilag Haemonetics Baxter Monsanto Illinois Crop Coopervision Pioneer-Hi-Bred Syngenta Seeds Sterl-Tech Becton Dickinson Stryker 3M Hill-Rom McNeil Merck Amgen Galephar Becton Dickinson Ethicon Eli Lilly Baxter Teva Pfizer Pall Warner-Chillcott Becton Dickinson Medtronic St. Jude Medical C-Axis Mylan Neolpharma Medtronic CR Bard Bristol-Myers Squibb Novartis Cardona Compounds Galephar TAPI Source: LaFortaleza and Caribbean Business as of 11/6/13. 7
8 A developed infrastructure, educational system and distribution network, as well as strategic proximity to Latin America and South America. Despite the economic transition Puerto Rico has recently endured, there are reasons to be optimistic about the potential of the island. The World Economic Forum s global competitive index ranks Puerto Rico s economic productivity number 30 in the world, the highest in the Latin America and Caribbean region. The economic strategy is geared to attracting highly skilled manufacturing and knowledge-based services, tourism, infrastructure, real estate and agriculture investment. Future job commitments from major companies have been announced, with expected multiplier effects. Figure 6 highlights the significant investment biotechnology firms have made on the island. Financial flexibility with demonstrated access to the public and private credit markets. While the increase in Puerto Rico s debt has been troubling, the bond- liability structure is favorable. There is some manageable exposure to bondanticipation notes. However, bond maturities are typically long-dated with attractive fixed interest cost, which means the recent increase in yields on the bonds is less likely to create problems associated with rolling over the current debt (such as some notable sovereign debtors have experienced). If all Puerto Rico debt were to mature today, and the Commonwealth had to issue new bonds at today s yields, we would be much more concerned. But the long maturities and attractive yields of existing debt make us more comfortable that the Commonwealth should be able to manage its cash flow. General obligation bonds have a constitutional first claim on Commonwealth resources. As we ve talked about in previous issues of The Muni Opinion, some generalobligation claims are stronger than others. Puerto Rico s general-obligation bonds have a strong pledge on revenue, and the Commonwealth s constitution is clear that interest payments take precedent over other expenses in the event of a cash shortfall. Debt service currently represents 12% of the fiscal year 2014 general fund budget, pensions 7% and discretionary expenses 56%. The Commonwealth has never defaulted on its debt. In summary, Puerto Rico s credit characteristics are unique among both municipal and sovereign borrowers. In our view, the Commonwealth has a reasonable plan and opportunity to stabilize its fiscal position. Success hinges on meeting budget targets and economic goals, as well as continued U.S. and world economic expansion. The challenges facing Puerto Rico stem from the fact that the market has clearly become inpatient with fiscal progress and concerned by the market rhetoric. Capital costs have increased, which could further strain the budget as the Commonwealth issues new bonds at higher yield levels. Should budget goals again fall well short of plan, public credit ratings will fall and market confidence will further erode. We deem bonds issued by Puerto Rico issuers to possess medium grade, moderate credit risk prone to above-average price volatility. For this reason, in our opinion, prudent value investment in Puerto Rico bonds should only be made in manageable amounts consistent with portfolio objectives and risk tolerances. When making specific investments, it is especially important to consider bond indenture legal rights and security provisions, such as the specific revenue source you depend on for your principal and interest. Various structures of Puerto Rico debt Commonwealth of Puerto Rico general-obligation bonds and Puerto Rico Public Buildings Authority bonds, guaranteed by the Commonwealth. The Constitution of Puerto Rico provides that general-obligation and guaranteed bonds constitute a first claim on Commonwealth resources. Commonwealth law provides for the secretary of the Treasury to make monthly transfers to a special sinking fund for the orderly payment of generalobligation debt service, held in trust with the Government Development Bank. Some may be concerned that Puerto Rico general-obligation debt is paid from the general fund, which supports other Commonwealth obligations, and that there would be competing claimants in the event of a cash shortfall. But, as previously discussed, in our view the law is clear that payment of debt is the first priority. The strength of the general-obligation pledge is strong, and the government relies on continued access to the capital markets. A default on debt would exacerbate any funding problems. We believe that legislators would likely go to great lengths to maintain access to the capital markets. Puerto Rico Sales Tax Financing Corporation (COFINA) bonds. COFINA issues bonds to provide funds for the Commonwealth to repay certain debt obligations. The bonds are payable and secured by a security interest in a specified portion of a newly created 5.5% Commonwealth sales and use tax. Law specifies that the first receipts of the sales tax in a specified amount be deposited in a special 8
9 dedicated sales tax fund, owned by COFINA and held separate and apart from the Commonwealth s general fund, for payment of bond debt service. The Commonwealth has covenanted that it will not limit or restrain the rights of COFINA to comply with its agreements with bondholders. Though the bonds are legally separately secured, COFINA s revenues and structure are related to the Commonwealth s fundamental credit position. For the full year 6/30/12, combined annual debt service coverage on the bonds was about 2x, which means the bonds are currently backed by an adequate revenue stream. Puerto Rico Electric Power Authority (PREPA) power revenue bonds. PREPA is responsible for electricity generation, transmission, and distribution. It is the sole essential provider of electricity on the island. The Authority is owned by the Commonwealth, but operates independently. It has autonomous rate setting authority to set and collect rates for electric service to produce sufficient revenues to cover operating costs, debt service, and other obligations. The power revenue bonds are secured by a senior lien on net revenues of the electric system. Although PREPA s enterprise revenue bond credit is self-supporting, the Commonwealth and its municipalities represent about 16% of PREPA annual electricity revenues. For the fiscalyear ending 6/30/12, audited annual debt service coverage was 1.9X, or 1.1x when adjusting for municipalities consumption and subsidies. Puerto Rico Aqueduct & Sewer Authority (PRASA) senior liens. PRASA owns and operates the public water supply and waste water systems. It is the sole provider of services in Puerto Rico, and has sole rate setting ability. The trust agreement establishes a gross lien on PRASA revenues as security for payment on senior bonds. PRASA finances have historically relied on budgetary appropriations from the Commonwealth to pay operating and capital expenses. For the fiscal year 6/30/12, audited annual senior debt service coverage from gross revenue was 8x. In June 2013, PRASA implemented a 60% average rate increase to provide additional revenues and improve net debt service coverage. Puerto Rico Highways & Transportation Authority (PRHTA) bonds. PRHTA is responsible for the construction of roads, highways and transportation facilities in the Commonwealth, with complete control and supervision of, and rate-setting ability for, owned facilities. Highway revenue bonds are payable from and secured by a gross pledge of certain revenues, including gasoline taxes, a portion of current gas oil taxes, a portion of motor vehicle license fees, and all toll revenues of financed facilities. Transportation revenue bonds are payable from and secured by pledge of certain revenues, including excise taxes and all toll revenues of financed facilities. All PRHTA tax and fee revenues are subject to being applied first to the generalobligation and guaranteed debt of the Commonwealth. Authority finances have historically relied on budgetary appropriations from the Commonwealth to pay operating and capital expenses. For the fiscal year 6/30/12, highway revenue audited annual senior debt service coverage from gross revenue was 2.6x. For the fiscal year 6/30/12, transportation revenue audited annual senior debt service coverage from gross revenue was 1.43x, and annual combined debt service coverage from gross revenues was 1.26x. In June 2013 a law was passed to increase the PRHTA s revenues by an estimated $270 million from license fee and petroleum and cigarette tax increases. The technical factor Aside from the normal factors that go into assessing if we want to add any medium grade BBB-quality credit issuer to a portfolio, there are a few additional factors that must be considered with Puerto Rico debt, such as the expected price volatility, lower liquidity and valuation uncertainty associated with supply and demand for higher risk credit. In recent months, not much has changed with the fundamental credit quality of Puerto Rico bonds, yet yields increased by more than two percentage points. The chart below shows yields on Puerto Rico bonds compared to California and Illinois bonds, both rated A, which also makes occasional headlines. You can see the yields have climbed on Puerto Rico debt relative to the two state credits, causing a relative loss of principal market value. As portfolio managers, we need to assess the potential market price volatility as well as the potential total return opportunity. The market price decline and volatility we ve seen in Puerto Rico bonds, mostly attributable to shifting perception and technical market demand, has been on par with what would be expected from the equity markets. So while we feel investors are currently being compensated for the risk they are taking in Puerto Rico bonds, we re cautious to add substantial exposure until we re more certain about the credit trend and market balance. That is why earlier we mentioned that exposure should be based upon risk tolerance. A moderate allocation to Puerto Rico will not noticeably impact the volatility of an entire portfolio, but too much exposure may keep investors up at night. 9
10 Figure 7: Puerto Rico vs. Illinois and California general-obligation bonds Puerto Rico California Illinios /06 04/07 04/08 04/09 04/10 04/11 04/12 04/13 Source: Barclays Capital as of 11/21/13. The bottom line Many of the fiscal changes that have been made in Puerto Rico, including pension reform and revenue increases are a positive development. Also, the Commonwealth s demonstrated desire to maintain market access is encouraging for bond holders. On the negative side, the continued rise in debt levels is discouraging, increased yields make issuing new debt more expensive, and the island economy has yet to see much growth. So what does all of this information mean? As we ve discussed, there are several reasons to own Puerto Rico debt, but there are several reasons to stay away. In the end, what is important is to align your Puerto Rico bond exposure (and your overall credit quality) with your risk tolerance. As mentioned, there is uncertainty about the Commonwealth s budget plan, investment-grade credit ratings and market confidence. But, in our view, the prospect for Puerto Rico s fundamental credit trend is actually better than it was several years ago. As is the case with many municipal issuers, Puerto Rico has various types of bonds available for investors. Puerto Rico bond issues have above average bond holder legal protections, with each bond structure backed by some sort of claim on revenue. Our team has invested more in a diverse mix of Puerto Rico revenue bonds compared to general-obligation claims. Though we re comfortable that Commonwealth general-obligation bonds have strong Constitutional protections, we still currently prefer bonds backed by a dedicated revenue source, and that have adequate debt service coverage. We believe there is the potential for very strong returns in Puerto Rico bonds, especially if a broadened base of investors gain confidence that the credit has stabilized. Much of the selling that took place in Puerto Rico bonds came from investors who were forced to sell for various reasons. In recent months non-traditional municipal-bond investors have started to purchase the bonds, which has stabilized prices. But, potential returns will not come without price volatility, and will be dependent upon continued improvement of fiscal and economic conditions. Each negative headline that addresses the Commonwealth s fiscal challenges creates a real potential for another round of price volatility. We continue to keep manageable exposure in order to minimize that volatility for our clients. 10
12 1 Credit quality measures a bond issuer s ability to repay interest and principal in a timely manner. Rating agencies assign letter designations such as AAA, AA and so forth. The lower the rating, the higher the probability of default. Credit quality does not remove market risk and is subject to change. General-.obligation bonds are municipal bonds secured by an issuer s full faith and credit and taxing power. 2 Gross domestic product (GDP) is the value of all goods and services produced by a country s economy. 3 Gross national product (GNP) is economic statistic that measures what a country s citizens produced. It includes gross domestic product (GDP) plus any income earned by residents from overseas investments, but excludes income earned within the domestic economy by overseas residents. The opinions and forecasts expressed herein by the fund managers and product specialist do not necessarily reflect those of Deutsche Asset & Wealth Management, are as of December 2013 and may not come to pass. Important risk information Bond investments are subject to interest-rate and credit risks. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Investments in lower-quality and non-rated securities present greater risk of loss than investments in higher-quality securities. The fund invests in inverse floaters, which are derivatives that involve leverage and could magnify the fund s gains or losses. Although the fund seeks income that is federally tax-free, a portion of the fund s distributions may be subject to federal, state and local taxes, including the alternative minimum tax. See the prospectus for details. Obtain a prospectus To obtain a summary prospectus, if available, or prospectus, download one from talk to your financial representative or call (800) We advise you to carefully consider the product s objectives, risks, charges and expenses before investing. The summary prospectus and prospectus contain this and other important information about the investment product. Please read the prospectus carefully before you invest. Investment products: No bank guarantee Not FDIC insured May lose value Investment products offered through DWS Investments Distributors, Inc. Advisory services offered through Deutsche Investment Management Americas, Inc. Deutsche Asset & Wealth Management represents the asset management and wealth management activities conducted by Deutsche Bank AG or any of its subsidiaries. Clients will be provided Deutsche Asset & Wealth Management products or services by one or more legal entities that will be identified to clients pursuant to the contracts, agreements, offering materials or other documentation relevant to such products or services. DWS Investments Distributors, Inc. 222 South Riverside Plaza Chicago, IL Tel (800) Deutsche Bank AG. All rights reserved. PM (12/13) R MUNI-OPIN-DEC RETAIL-PUBLIC
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Restaurants Near the East Point MARTA Station
The East Point MARTA station is just across the street from the historic downtown area and some of Atlanta's favorite restaurants, including Waffle House, a local pizza joint and a restaurant that serves raw food. With something for everyone just a short walk away from the station, East Point can be a fun lunch getaway or a spot to enjoy a burger, taco, breakfast or a little soul food if you're attending a local event or shopping at the farmer's market.
Hungry yet? See below for the list of restaurants to plan your commute.
Main Street South
Turn left on Main Street in front of the MARTA station and walk just over a block to reach:
If you're craving Caribbean, turn left on Main Street from the station and right on Dorsey Street for:
Or for all-day breakfast, turn left on Main and right on E. Washington Road for:
White Way Restaurants
In the heart of downtown East Point are several restaurants on or near White Way, a road that dead ends near the north exit of the MARTA station. Choose from the following restaurants:
- Q's Restaurant (Southern)
- BGR Grille (American)
- Oz Pizza
- Thumbs Up Diner
- Lov'n It Live (Raw)
- Shark Bar and Restaurant (Seafood)
- Debbie's Delights (Breakfast)
Main Street North
Or turn right on Main Street in front of the station for these American food favorites: