Puerto Rico's benchmark general obligation (GO) debt price fell to a record low in light trading as the prospect of a drawn-out restructuring of the island's $70 billion debt load spurred selling, Reuters reported yesterday. A mixture of small odd-lot trades, combined with a few larger block trades, left the price on the defaulted benchmark 2035 GO bonds below a bid price of 60, its lowest price since the $3.5 billion issue was sold in March 2014. The bid price on the bonds, which were sold with an 8 percent coupon, fell as low as 58.45 points before settling around 59.41 late on Tuesday. The larger block trades, which mixed in between the odd-lot trades, briefly lifted bid prices into the 61.75/62 range before settling lower.
