Puerto Rico Debt Nears Two-Month High as Utility Meets Creditors
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Puerto Rico bonds traded near a two-month high as creditors met with officials about restructuring the power utility’s debt, a step that could help ease the junk-rated island’s fiscal crisis.
Commonwealth securities maturing July 2035 traded Monday at an average price of 84.3 cents on the dollar, close to the highest since March 16, according to data compiled by Bloomberg. It’s the most actively traded Puerto Rico bond this year. The island’s municipal debt has gained for 12 straight days through Friday, S&P Dow Jones Indices show. The bonds haven’t advanced for a longer stretch since July 2014.