The Puerto Rico government turned to the Government Development Bank of Puerto Rico to pay off a $400 million Barclays note due this month.
The GDB used cash on hand to pay off the short-term loan.
In early September the Puerto Rico government said that it would scale back new bond issuance in the remainder of the year, a reaction to rising yields demanded in the secondary market for the commonwealth's debt. The government said it would sell about $500 million to $1.2 billion in the remainder of the calendar year subject to market conditions.
Since the September announcement Puerto Rico has not sold any long-term debt.
In early October Puerto Rico announced that Barclays and RBC Capital Markets would underwrite any bonds sales in the rest of the year.
