Puerto Rico GDB Sells Notes in Island’s First Offer Since March
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Puerto Rico’s Government Development Bank sold at least $620 million of notes maturing in June 2015, in the island’s first borrowing since lawmakers passed a debt-restructuring law.
The offering from the junk-rated commonwealth included about $560 million of tax-exempt securities priced to yield 7.75 percent, where benchmark issuers pay about 0.14 percent to borrow for one year, data compiled by Bloomberg show.