September 27, 2017 / 7:31 PM / in 24 days

Puerto Rico bonds hit new low in hurricane aftermath

Sept 27 (Reuters) - Puerto Rico’s benchmark general obligation bonds fell to a new low on Wednesday with prices falling to half of par value for the first time.

Bonds due in 2035 with an 8 percent coupon traded below $50 of their $100 par value with several $1 million-plus transactions, including an inter-dealer trade at $49.785, reported on the Municipal Securities Rulemaking Board’s website. The island is struggling to recover from Hurricane Maria, which made landfall on Sept. 20. (Reporting By Karen Pierog; Editing by Cynthia Osterman)

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