Commonwealth of Puerto Rico

The municipal bond market will see a shortage of new supply going into the new year, after experiencing a record-breaking month in which more than $61 billion of bonds sold.

Municipal bonds strengthened Tuesday as the primary market shifted to holiday mode after breaking the December record for issuance.

The number of people employed in Puerto Rico during November fell 1.8% from July.

The municipal market will be staffed by skeleton crews as the calendar has no negotiated deals and only small competitives, which don't even total $3 million — and another long holiday weekend right around the corner.

The muni market absorbed almost $58 billion, a record for December, before a holiday hiatus to end the year.

The Puerto Rico Oversight Board gave extensions to Puerto Rico’s government and public authorities for fiscal plan submissions.

Fresh from a victory on Friday, bondholders and insurers are asking the Title III bankruptcy court to award them additional documents connected to the sales and use tax.

Bond analysts and Puerto Rico political leaders were voicing concern Friday over a new tax on territories reportedly included in the Republican federal tax bill.

The municipal bond market next week will continue to see above-average volume, albeit at a much slower pace than this week, as $11.14 billion of deals are on the calendar.

Municipal issuers continue to race to market with deals before the calendar turns over, as the tax bill may limit issuance in 2018.