Scores of Puerto Rico Trades Sub-$100,000 Voided by Dealers
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Scores of trades in bonds Puerto Rico issued this month have been canceled by dealers, including some that were under the $100,000 minimum transaction level stipulated in deal documents, data compiled by Bloomberg show.
The self-governing U.S. territory sold $3.5 billion of debt March 11, in the biggest-ever high-yield offering for the $3.7 trillion municipal market. The issue gave the island, which was cut to junk last month, cash to pay bills through June 2015, as officials try to revive a shrinking economy. Hedge funds bought the majority of the bonds at issue.