Puerto Rico

The Government Development Bank for Puerto Rico completed a $900 million borrowing deal with banks on Friday.

UBS has agreed to compensate 34 Puerto Rico-based investors for their losses in investments in their municipal bond closed ended funds.

The Government Development Bank for Puerto Rico sold $350 million in tax and revenue anticipation notes late on Thursday.

Puerto Rico's revenues were 2% below projections for the first quarter of the fiscal year, Puerto Rico’s Treasury reported Thursday.

Puerto Rico Gov. Alejandro García Padilla signed legislation on Tuesday to allow the commonwealth to sell up to $1.2 billion in tax and revenue anticipation notes.

The Puerto Rico Treasury reported that September sales and use tax collections were 8.5% above last year's September collections.

Puerto Rico-based Doral Bank's troubles with the Federal Deposit Insurance Corporation have grown. On Sept. 26 Doral received a letter from the FDIC stating it found Doral to be "significantly undercapitalized."

Puerto Rico tax and revenue anticipation notes will carry a 7.75% coupon and mature on June 30, 2015.

Puerto Rico's economic activity index in August was down 0.7% compared to July.

Puerto Rico's 2013 efforts to financially strengthen its pension plans faltered in 2014 in the face of the commonwealth's overall fiscal problems and an adverse court decision.