Puerto Rico bonds sink as commonwealth hires restructuring lawyers

NEW YORK, April 11 Fri Apr 11, 2014 3:39pm EDT

NEW YORK, April 11 (Reuters) - Prices of Puerto Rico's newly issued $3.5 billion debt sank in heavy trade late on Friday, the end of a week when the economically stressed U.S. commonwealth hired additional teams of debt restructuring lawyers.

The debt lately traded at a low of around 86.25 cents on the dollar, pushing the yield to 9.518 percent, according to Municipal Market Data. Traded volume was over $134 million, according to MMD. (Reporting by Edward Krudy; Editing by James Dalgleish)

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