There continues to be a lot of behind the scenes activity going on in Puerto Rico. Banks, hedge funds and the posse of Puerto Rico issuers appear to be finding ways to make things work out, but prices are all over the place, depending on the PR issuer. Uninsured general obligation bonds are trading at roughly 75 to 80 cents on the dollar, sales tax bonds are trading from 80 to 85 cents, while the electric utility’s bonds (PREPA) are trading at 50 to 55 cents on the dollar. What has been impressive is the lack of carry through to the rest of the muni market. I guess you can say Puerto Rico is now its own “municipal market island”. Prepa, the biggest U.S. public power agency by customers and revenue, is set to release a plan in March to restructure its $8.6 billion of debt. Read more.