Puerto Rico Buoys Hedge Funds After Agency Reprieve

Bloomberg – Puerto Rico bonds are extending the longest rally since May after the island’s cash-strapped electric agency won a reprieve from restructuring assets. Hedge funds, with a growing stake in the securities, stand to gain.

Puerto Rico obligations have surged about 7 percent in their six-week advance, S&P Dow Jones Indices show. The gain is quadruple that of the broad municipal market, where benchmark 10-year yields are the lowest since May 2013.

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