All eyes in the tax-exempt market looked to Puerto Rico Electric Power Authority and Chicago O’Hare International Airport to test investor demand in the triple-B space.

Morgan Stanley issued a consensus scale for $600 million of PREPA power revenue  bonds, rated Baa3 by Moody’s Investors Service, BBB by Standard & Poor’s, and BBB-minus by Fitch Ratings. Pricing is expected Wednesday.

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