Prices of Puerto Rico debt continued to fall on Tuesday, the second day in a row the bonds traded sharply lower.
Puerto Rico bonds plunged on Monday after a published report quoted Gov. Alejandro García Padilla as saying the commonwealth cannot pay its $72 billion in debt.
On Tuesday, Puerto Rico commonwealth Series 2014A general obligation 8s of 2035 were trading as low as 64.50 cents on the dollar, with a 13.028%, according to the Municipal Securities Rulemaking Board's EMMA website. In early trading, there were 20 trades totaling $48 million.
On Monday, the GOs traded as low as 68.30 cents on the dollar, a high yield of 12.291%, according to EMMA. There were 93 trades totaling $141 million; 27 customers sold the bonds, 28 customers bought them while 13 were done as inter-dealer trades.
On Friday, the GOs traded as low as 76.75, a high yield of 10.874%, according to EMMA. There were 19 trades totaling $22 million.
