Puerto Rico's Benchmark Bond Falls to a Record Low

Puerto Rico’s general-obligation bonds due in 2035 found a new low on Wednesday, falling to 32 cents on the dollar. The benchmark bond, one of its most actively traded securities over the past week, has been on the decline since Hurricane Maria slammed into the island last month and raised creditor concerns over debt recovery rates. President Donald Trump, who visited the territory on Tuesday, suggested the island’s debt will be wiped out to help it recover from the devastation.

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