The Puerto Rico Sales Tax Financing Corp. on Wednesday will sell $3.5 billion - or perhaps more - of subordinate sales-tax bonds against an investor landscape that has changed since the agency made its debut in the market with a sale of senior bonds in 2007.
The deal comes as Gov. Luis Fortuño today is set to sign into law a public-private partnership bill that will provide a framework for private-sector investment in public works projects throughout Puerto Rico. The governor filed the initiative earlier this year. It is one component of the administration's plan to restore fiscal stability to the island's finances.