Puerto Rico

The yield on Puerto Rico bonds issued Tuesday in the island's $3.5 billion sale has fallen by 40 basis points in secondary trading.

Investors flocked to a $3.5 billion Puerto Rico general obligation deal Tuesday as hedge funds and institutional buyers snatched up the high-yield bonds. The deal, which marks the largest sale of junk bonds in municipal market history, gives the U.S. territory a chance to reroute its economy.

Several sizeable new bond issues Tuesday may not get the attention issuers hoped for as Puerto Rico's highly anticipated $3.5 billion bond sale grips the market.

Puerto Rico Gov. Alejandro García Padilla has formed a work group to suggest ideas to curb the island's untaxed informal economy, emigration and low labor participation rate.

Puerto Rico may offer bonds maturing in 2035 at a yield from 8.625% to 8.875%, according to preliminary pricing information obtained from underwriters working on the deal, which is set to finalize pricing Tuesday. The $3 billion of bonds come with a coupon of 8%, according to the document, obtained by The Bond Buyer.

Analysts are divided on whether Puerto Rico's unusually frank disclosures before its $3 billion bond issue scheduled for Tuesday will help or hurt the sale.

Puerto Rico plans to sell a $3 billion general obligation bond on Tuesday.

Puerto Rico's Government Development Bank said it hired an affiliate of Millstein & Co. as a financial adviser.

February net revenues in Puerto Rico's General Fund came in 8.5% above projections.

Puerto Rico Gov. García Padilla on Tuesday authorized Puerto Rico to sell up to $3.5 billion in general obligation bonds with possible New York court oversight.

The Puerto Rico legislature is debating the venue where bond disputes would be heard.

Rep. Dave Camp's tax reform proposal would provide some additional revenue stability to the beleaguered island, and the controversial discussion draft is welcomed by the commonwealth's representative in Congress and others working to advance the territory's interests.

Puerto Rico bond yields rallied Wednesday and Thursday, in a sign of hope for a successful bond sale next month.

The Puerto Rico Supreme Court today largely upheld the Puerto Rico government's December reform of the judicial pension system.

Northeast issuers sold $93.1 billion of municipal bonds in 2013, down 17.4% from 2012.

Puerto Rico plans to sell roughly $2.8 billion in tax-exempt general obligation bonds in March, in what would be the government's first bond sale since 2012.

Moody's Investors Service put three major Puerto Rico banks on downgrade review Tuesday evening.

Moody's Investor's Service downgraded bonds from the University of Puerto Rico two notches deeper into the speculative realm.

Legislation providing for a federally-sponsored vote on Puerto Rico's admission as a state is now pending in both chambers of Congress.

The Financial Industry Regulatory Authority has received dozens of filings for arbitration investors who say they were harmed by unsuitable advice doled out by UBS Financial Services of Puerto Rico when the market for the commonwealth's bonds declined.