Puerto Rico Picks Public Financial Management as Adviser on Debt

Puerto Rico’s Government Development Bank has retained Public Financial Management Inc. to advise on capital-markets transactions.

The Philadelphia-based firm will assist the junk-rated commonwealth and its agencies on debt pricing and sales and analyzing such deals, according to a press release posted today on the GDB’s website.

Puerto Rico officials are working on a $2.9 billion bond sale backed by petroleum-tax revenue that would boost the GDB’s cash. The bank lends to the commonwealth and its localities and handles the island’s debt transactions.

David Millar, a New York-based spokesman for the GDB, didn’t immediately respond to an e-mail. Sandra Sosinski, a PFM spokeswoman, didn’t immediately respond to a phone message or e-mail.

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