Puerto Rico bonds out for bid in the secondary market were the focus of the municipal bond market, following news Wednesday that Massachusetts secretary of the commonwealth William Galvin announced his securities division began an inquiry to determine investors' exposure to Puerto Rico.

Thursday morning, traders said the most active bonds trading were Puerto Rico Sales Tax Financing Corp. In block size trading, the subordinate COFINA 5.25s of 2043, rated A3 by Moody's Investors Service and A-plus by Standard & Poor's and Fitch Ratings, traded at 8.35% and 8.31%.

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