Puerto Rico was actively traded in the tax-exempt market Tuesday morning, even with a drop in overall volume and light trading of Chicago general obligation bonds following a three-notch downgrade by Fitch Ratings.
In one CUSIP of Puerto Rico 5.75s of 2041, over $20 million exchanged hands in Tuesday morning trading. Yields on a block-size interdealer trade yielded 8.2%, up from 8.1% on Friday. A customer bought from a dealer the same CUSIP at 8.18%, up from 8.10% on Friday. A customer sold to a dealer bonds yielding 8.2%, up from 8.12% on Friday.