Puerto Rico Sales Tax Financing Corp (COFINA)

The board wants to avoid invoking its power to force spending cuts to pay for the expected annual payment to government workers.

With COFINA and GDB deals moving forward, the Public Buildings Authority, Aqueduct and Sewer Authority, and University of Puerto Rico may be next in line.

Suggestive of possible near-term growth in issuance, municipal CUSIP requests rebounded in October.

Municipal bonds were stronger at mid-session as buyers await this week’s new issue supply.

While the $17.6 billion sale-tax bond restructuring advanced, a group holding more than $3 billion of Commonwealth bonds formed to help negotiate a comprehensive restructuring of that debt.

Muni activity is being tempered by this week’s election focus, market sources said.

The unsecured creditors gave conditional support to the biggest Puerto Rico debt restructuring.

The Virginia College Building Authority competitively sold almost $215 million of tax-exempt and taxable revenue bonds.

Unsecured creditors have said they are unsure if they will support the Puerto Rico sales tax bond restructuring.

The struggle between board and local government continues, as island leaders agree to a tax overhaul plan.