Participants focused on the municipal new-issue market yesterday as the bulk of the week's largest scheduled transactions sold and secondary yields climbed. The largest deal priced was a $4.5 billion sale from a Puerto Rico issuer, about which little information was released.Citi priced $4.5 billion of revenue bonds for the Puerto Rico Sales Tax Financing Corp., following a two-day retail order period which concluded Tuesday. The bonds mature from 2015 through 2029, with term bonds in 2037, 2039, 2042, and 2044.

"We had strong retail demand north of $400 million," said Fernando Batlle, executive vice president for financing and treasury at the Government Development Bank for Puerto Rico via text message. "We went to the institutional market, and under difficult market conditions are very pleased with having achieved over $4 billion in orders, making this the largest transaction in the history of Puerto Rico."

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