Puerto Rico Doubles Offer on Demand for Rare Issue: Muni Credit
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Puerto Rico, which has a credit rating lower than any U.S. state, almost doubled a debt offering after $1 billion in bids from investors for the commonwealth’s first new money general-obligation issue since 2008.
“It’s taken us a while to do the right thing and put the house in order, but now was the right time to go to market” as proved by demand which was about twice the amount offered, said Jose Otero, vice president of financing for the Government Development Bank, in a telephone interview.