Puerto Rico has been relying on those municipal bonds to keep its struggling economy afloat.
It has endured eight years of recession, brought on by lack of foreign investment and government mismanagement. Now the new administration there is making one last bet to avoid default, a bond sale that Wall Street is cashing in on.
CCTV’s Nitza Soledad Perez reports from San Juan, Puerto Rico.
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Puerto Rico sold $3.5 billion of general obligations on March 11, the municipal market’s biggest-ever junk deal. Triet Nguyen, Managing Partner at Axios Advisor and author of “Investing in the High Yield Municipal Market” provides analysis.