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Puerto Rico’s travails hit muni bond firm that bet big

Oppenheimer Rochester has more than one-sixth of its assets tied up in Puerto Rico debt, a stretch for yield in a higher-risk part of the muni bond market that drove outperformance until last year. Steep losses have prompted investors to pull their cash, and state authorities have opened a probe. The next big test for Oppenheimer’s contrarian bet is Puerto Rico’s bond sale.
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