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Article: Puerto Rico bonds are in demand, and prices show it.(Investors and Investing)
- Article from:
- The Bond Buyer
- Article date:
- June 1, 1995
- Author:
CopyrightCOPYRIGHT 1995 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Demand for Puerto Rico's debt is so strong that an insured issue was sold at yields of up to five basis points below pure triple-A last month, according to J.P. Morgan Securities Inc. analyst Christopher M. Dillon.
The May 9 offering of $324 million in University of Puerto Rico revenue bonds sold out by mid-afternoon - even though it had been repriced downward by as much as 10 basis points.
Interest in the April 18 offering of $413 million in Puerto Rico Public Improvement general obligation bonds was just as keen. They, too, were repriced downward, by five to eight basis points, and the size of the deal was increased $48 million to meet investor demand.
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