Puerto Rico Yield Above Greece Fuels Longest Rally: Muni Credit
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Puerto Rico bonds are staging their longest rally in two months after prices plummeted about 40 percent this year and yields soared above those on Greek debt.
Interest rates on tax-exempt Puerto Rico general obligations that mature in July 2041 and are rated one step above junk climbed to a record 9.29 percent last week, data compiled by Bloomberg show. That compares with about 9 percent on 30-year securities of Greece, which is graded six levels lower and has received billions of euros of rescue funds.