Puerto Rico cuts 2013 planned debt sale after bond sell-off
Sept 10 (Reuters) - Puerto Rico's Government Development Bank said on Tuesday it is planning to limit debt issuance for the rest of 2013 to a range of between $500 million to $1.2 billion proceeds due to current market conditions and recent private transactions.
Prices of Puerto Rico debt sagged on Monday, with yields on some long-term, tax-free general obligations spiking above 10 percent.
"In light of the volatility in the market and the private transactions that we have recently closed, we expect to scale down our plan of financing for the rest of the year," Jose Pagan, interim president of GDB, said in a statement.
Puerto Rico was originally planning to issue more than $3 billion in bonds this year.
Pagan added that the Caribbean Island has issued bond anticipation notes for $800 million with private banks in the past two months along with privately placed Tax and Revenue Anticipation Notes for an additional $600 million.