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Puerto Rico’s New General Obligations Trade at Lowest Price

Puerto Rico’s new general-obligation bonds have fallen to the lowest price since their sale last month after the Government Development Bank said it hired law firm Cleary Gottlieb Steen & Hamilton LLP.

The Caribbean island of 3.6 million people issued a record $3.5 billion junk deal March 11 at 93 cents on the dollar, giving it time to revive a struggling economy. The bonds traded yesterday with an average price of 92.29 cents, down from as high as 96.58 cents March 12, data compiled by Bloomberg show.