Puerto Rico bond sale may lure high-yield closed-end funds -Fitch

August 18, 2015 3:09 PM

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Aug 18 Puerto Rico may attract high-yield municipal closed-end funds to its first sale in public markets since its governor said in June that the island's debt was unpayable, Fitch Ratings said on Tuesday ahead of the $750 million sale of water authority bonds.

Managers of high-yield closed-end funds may participate in this week's $750 million bond sale for the Puerto Rico Aqueduct and Sewer Authority (PRASA) because of the authority's stable prices compared to other debt issuers from the island, Fitch said.

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