The Puerto Rico Sales Tax Financing Corp. is gearing up for a roughly $500 million sales tax deal set for mid-May, and recently named Citi as book-runner and Barclays Capital as co-senior manager on the transaction.

Market participants said the Government Development Bank for Puerto Rico, the island's financing arm, is looking to sell a combined $500 million of sales tax bonds in the U.S. and local market. The deal size could increase depending on market appetite, bankers said.

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