Puerto Rico’s benchmark bond surged to a 25-week high yesterday, 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, Reuters reported.
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Puerto Rico’s federally appointed Financial Oversight and Management Board said on Friday it would postpone certification of the bankrupt U.S. commonwealth’s fiscal plan and announce a new certification date soon, Reuters reported.
The U.S. Treasury Department and storm-ravaged Puerto Rico say that they have reached a deal to let the bankrupt U.S. territory access billions of dollars in long-disputed federal loans to help it recover from last year’s Hurricane Maria, Reuters reported. In a joint news conference on Thursday in San Juan, broadcast on the internet, Puerto Rico Governor Ricardo Rosselló and U.S.
Treasury Secretary Steven Mnuchin said he aims to wrap up negotiations today on a multi-billion dollar loan to Puerto Rico’s government that the territory’s leaders have complained is long overdue after Hurricane Maria ravaged the island in September, Bloomberg News reported.