82 - Francisco De Armas (PRMF): The Road Back to the Capital Markets for Puerto Rico's Municipalities

In this episode of La Maestría, I sit down with Francisco de Armas, Co-Founder of PRMF and Co-Founder & Managing Member of CIAC, to discuss one of the most significant developments in Puerto Rico's capital markets in over a decade. For the first time since the Puerto Rican government's debt crisis and restructuring process began in 2015, a municipality has successfully returned to the public capital markets. Francisco explains why the recent San Juan bond issuance is a historic milestone, what it means for municipalities across the island, and how it could reshape the future of public infrastructure financing.We also dive into his role during the Government Development Bank (GDB) restructuring, how that experience led to the creation of PRMF, and why Puerto Rico's unique municipal credit structures—such as CRIM-backed revenues—have remained resilient through one of the most challenging fiscal periods in the island's history.Finally, we discuss Act 60, Puerto Rico's competitive advantages as a financial jurisdiction, the opportunity to retain world-class talent, and why Francisco believes the island is entering a new era for municipal finance and institutional investment.A must-watch conversation for investors, policymakers, entrepreneurs, and anyone interested in Puerto Rico's economic future.⏱️ Timestamps00:00 – 00:35 → Introduction & Episode Topic00:35 – 01:32 → Guest Introduction: Francisco de Armas & PRMF Discussion01:32 – 15:31 → Background: GDB Restructuring, Opportunity & Fund Strategy15:31 – 17:03 → Debt Markets Comeback & Fund Creation17:03 – 27:48 → Municipal Tax Structure (CRIM) & Credit Strength27:48 – 30:31 → San Juan Transaction, Market Access & Implications30:31 – 34:16 → Act 60, Tax Advantages & Private Equity Incentives34:16 – 36:50 → Puerto Rico as a Financial Hub & Talent Retention36:50 – END → New Fund Vision, Municipal Finance & Infrastructure Impact🔗 Connect with Francisco de Armas:💼 LinkedIn:   / francisco-de-armas-esq-cpa-a9b58313  🌐 PRMF: https://pr-mf.com/🔗 Connect with Raúl Palacios:📸 Instagram:   / raulpalaciospr  📘 Facebook:   / raulpalaciospr  📺 YouTube:    / @raulpalaciospr  💼 LinkedIn:   / raulpalaciospr  🌐 Website: https://www.raulpalaciospr.com/