Commonwealth of Puerto Rico

The bond issuance was one step of several taking place Tuesday stemming from the court approval of the HTA plan of adjustment, which reduces HTA's $6.4 billion of total claims by more than 80%.

At stake was the treatment of nearly $1 billion of Puerto Rico bonds and notes.

Had the teachers' challenge succeeded, the cost to Puerto Rico could have been $1 billion. A challenge to the plan from credit unions is before the First Circuit Court of Appeals.

Puerto Rico Gov. Pedro Pierluisi told lawmakers he would not support a PREPA debt settlement that would cause "extraordinary increases in the cost of electricity."

Robert Mujica Jr.'s experience with New York State debt makes him a good choice, according to an observer.

Revenues were up while economic activity slipped, with some observers suggesting Hurricane Fiona may have had a negative impact on the economy.

The appeals court judges seemed unmoved by the arguments.

The Puerto Rico Oversight Board is seeking the return of fees connected with Puerto Rico bonds and swaps.

Puerto Rico's Fiscal Agency and Financial Advisory Authority said it "is available to assist the municipalities, as financial advisor and fiscal agent of the Government, on any restructuring that it deems necessary."

The statement could be interpreted as also suggesting a restructuring of $242 million in bonds.