Puerto Rico Electric Power Authority bonds were mostly higher in early trading on Wednesday after it was announced that PREPA had reached a tentative agreement on debt restructuring.
The PREPA 2003 Series NN revenue 4 3/4s of 2033 were trading at a low price of 81.30 cents on the dollar, a high yield of 6.542%, in eight trades totaling $90,000. On Tuesday, the bonds traded at a low price of 79.548 cents on the dollar, a high yield of 6.737%, in eight trades totaling $40,000, according to EMMA.
The PREPA 2005 Series RR revenue 5s of 2028 were trading at a low price of 89.058 cents on the dollar, a high yield of 6.253%, in three trades totaling $75,000. The previous time the bonds traded on Aug. 19, the 5s bonds traded at a low price of 87.532 cents on the dollar, a yield of 6.44%, in two trades totaling $40,000, according to EMMA.
The PREPA 2007 Series VV power revenue refunding 5 1/4s of 2035 were trading at a low price of 84.055 cents on the dollar, a high yield of 6.716%, in seven trades totaling $190,000. On Aug. 31, the bonds traded at a low price of 85.025 cents on the dollar, a high yield of 6.615%, in three trades totaling $300,000, according to EMMA.
In contrast, the Puerto Rico commonwealth Series 2014A GO 8s of 2035 on Wednesday traded at a low price of 75 cents on the dollar, a high yield of 11.152%, in one trade of $2.5 million. On Tuesday, the 8s traded as low as 73, a high yield of 11.476% in six trades totaling $20.2 million, according to EMMA.
