Puerto Rico forecasts $6 bln surplus as bonds soar [Reuters]
MBIA Inc. (MBI)
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Source: Reuters
Puerto Rico forecasts $6 billion surplus as bonds soar | Reuters 5 Min Read NEW YORK (Reuters) - Puerto Rico’s benchmark bond surged to a 25-week high on Monday, its busiest trading day since October, after the bankrupt U.S. territory nearly doubled its projected five-year surplus to $6 billion as it recovers from Hurricane Maria. While the price rise is being taken as a sign the market is beginning to see a recovery path for the storm-ravaged island, analysts remained wary, taking the spike with a grain of salt. General obligation bonds maturing in 2035 changed hands more than 100 times on Monday and traded as high as 45 cents on the dollar, the bond’s highest level since Oct. 3. 74514LE86=MSRB While still down sharply from the 60-cent range the bonds had occupied before Maria struck on Sept. 20, prices are continuing a steady, month-long climb as the island’s recovery prospects improve. Senior bonds backed by sales tax revenue, so-called COFINA debt, have fared even better, reaching
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MBI
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