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Munis close flat in quiet session; Puerto Rico Electric Power Authority pens deal with insurers
By Sheri Kasprzak
New York, Dec. 24 – Municipals rounded out a quiet session ahead of Christmas unchanged, market insiders reported. With the market closing early Thursday and completely on Friday, there was little trading activity and practically no pricing action to speak of.
Munis even ignored some improvements over in the Treasuries market. The 30-year bond yield reclaimed losses seen Wednesday, falling 4 basis points Thursday to 2.96%. The 10-year benchmark note yield dropped by 2 bps to 2.25%, and the five-year note yield ended 1 bp higher at 1.33%.
PREPA avoids default
Moving to Puerto Rico news, the commonwealth’s Puerto Rico Electric Power Authority reached an agreement late Wednesday with two bond insurers to engage in a five-year restructuring plan that will help the authority prevent a default on its debt.
PREPA owes its bondholders $177 million on Jan. 1, and the new agreement will allow the authority to make the payment without using much cash.
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