Puerto Rico Benchmark Bond Drops to Record Low of 32 Cents
- Fall follows President Trump’s comments on ‘wiping out’ debt
- Puerto Rico owes more than $74 billion in municipal securities
El-Erian Sees Debt Reduction in Puerto Rico's Future
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Puerto Rico’s debt hit a record low Wednesday after President Donald Trump suggested that the island’s debt may have to be erased after Hurricane Maria’s devastation.
A Puerto Rico benchmark bond saw $5 million trade at a new all-time low price of 32 cents on the dollar Wednesday morning from 44 cents the prior day, following Trump’s comments last night about wiping out the island’s obligations.