San Juan breaks records with $122M bond issuance — the first by a Puerto Rico municipality in over a decade

The Municipality of San Juan closed a general obligation bond issuance of approximately $122 million that attracted $2.2 billion in investor demand — nearly 18 times the available amount. It marks the first time in over a decade that a Puerto Rico municipality has directly accessed the U.S. municipal bond market, and the first investment-grade issuance since PROMESA was enacted. Fitch assigned BBB+ and Moody's assigned BAA3 ratings, enabling a total financing cost of approximately 4.99%. Funds will support infrastructure improvements including Hospital Municipal renovations, educational initiatives, and Ponce de León Avenue sidewalk reconstruction. RBC Capital Markets managed the sale with 53 investment firms submitting purchase orders.