Puerto Rico Debt Sets Record Low After Utility Meets Investors
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Prices on Puerto Rico bonds fell to a record low after a meeting between investors and officials of the commonwealth’s power utility, which may restructure $8.6 billion of debt in coming months.
Commonwealth general obligations maturing in July 2035 traded today at an average of 84.17 cents on the dollar, the lowest since the securities were first sold March 11 at 93 cents, data compiled by Bloomberg show. Debt of the junk-rated U.S. territory is tax-free nationwide.