Interested in PRican debt? In the last month, I have gone over 60 years of bond-issuance by the island. Here are some of my findings (a thread): #muniland
1) In the first decade of the 20th century, debt in PR was relatively low.
2) But this trend changed in the last part of the 1910s when the Bureau of Insular Affairs (BIA) entered the picture. Until the 1930s, the BIA issued PRican bonds (and, in turn debt significantly increased).
3) In the mid-1930s, the BIA is not longer in charge of PR, and the Dept of the Interior issued PRican bonds.
4) Until the 1960s, most PRican bonds funded utility projects (irrigation, power, sewage, aqueduct). For instance, Fuentes Fluviales issued its first bond in the 1940s, which was then the largest PRican bond ever issued.
5) PRican instrumentalities emerged in the 1940s (as previously they were issued by federal agencies) under Tugwell, Fomento, and PRIDCO. This trend solidifies in the 1950s.
6) Now, must go through 60 more years of debt. To be continued...
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