More Defaults Likely to Come: What Puerto Rico Owes on Aug. 1
- Sales-tax payment of $256 million expected to be made
- Island owes $1.3 million of interest on general obligations
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It’s that time again for Puerto Rico bondholders.
The commonwealth and its agencies owe about $346 million in bond payments on Aug. 1, most of which goes toward repaying sales-tax supported debt. The deadline follows the island’s July 1 default on nearly $1 billion of principal and interest, the largest such payment failure in the history of the $3.7 trillion municipal bond market.