Puerto Rico

June 30th, 2015 6:13 am | by John Jansen |

I will confess that I only followed the Puerto Rico story tangentially yesterday. However that story was not a tangent to people in that market place as there was real carnage in bonds issued by Puerto Rico. Here is an excerpt from a note I recived this AM from a muni trader which describes the extent of the sell off:

“The entire market watched as the benchmark Puerto Rico 8% of 2035 traded down to the high $60’s dollar price from a closing trade of $77 Friday afternoon.  Essentially, these bonds traded off 7 to 9 points or over 100 bps. “

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