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Puerto Rico Bond Trading and Outstanding Debt Part I - Trading Activity by Issuer Issuer Issuer CUSIP on EMMA Jan - Dec 2017 Par Amount Traded Jan - Dec 2017 Number of Trades Puerto Rico Sales Tax Financing Corporation 74529J $20,183,578,500 41,826 745145 745144 745143 74514L 745268 74526Q Puerto Rico Aqueduct and Sewer Authority 745160 $3,545,839,750 16,001 Puerto Rico Public Buildings Authority 745235 $3,444,114,000 22,166 Children's Trust 16876Q $3,110,740,000 1,372 Government Development Bank of Puerto Rico 745177 $2,979,298,025 5,872 745181 745185 745190 Employees Retirement System of the Government of the Commonwealth of Puerto Rico 29216M $2,497,504,000 3,382 74528U 745223 745220 Puerto Rico Public Finance Corporation 745291 $633,977,000 1,222 Puerto Rico Municipal Finance Agency 745277 $219,950,000 5,242 Puerto Rico Convention Center District Authority 745266 $196,645,000 3,885 74526L 74527A University of Puerto Rico 914811 $125,464,000 3,109 Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority 745272 $72,789,500 1,192 Puerto Rico Industrial Development Company 745211 $52,925,000 516 Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority 74528N $43,150,000 821 Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority 74527B $39,381,000 340 Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority 74527E $32,175,000 235 745270 74527L 74527P Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority 74527J $1,340,000 4 Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority 74527R $980,000 11 Puerto Rico Electric Power Authority $4,775,683,783 38,824 $8,870,000 104 $1,407,681,000 11,220 Puerto Rico Housing Finance Corporation To assist investors and others seeking information on bonds issued by the Commonwealth of Puerto Rico and other issuers within the Commonwealth, the MSRB is providing information on trade activity for issuers, pricing history for the most active securities as well as a current and historical depiction of the Commonwealth’s public sector debt. Additional information on Commonwealth issuers and their securities is available on the MSRB’s Electronic Municipal Market Access (EMMA®) website. Users can consult official statements on EMMA for more detailed information about the issuer, obligor and bond repayment terms. The MSRB’s Education Center provides helpful information about the municipal securities market, including the risks and considerations when buying and selling municipal securities. List of all municipal bond issuers in the Commonwealth of Puerto Rico and trading information through December 2017, including issuer name, CUSIP numbers (with direct links to additional information currently available on EMMA), par amount traded and number of trades. Commonwealth of Puerto Rico $13,919,484,047 70,202 Puerto Rico Highways and Transportation Authority $2,822,170,500 37,618 Puerto Rico Infrastructure Financing Authority $180,030,000 2,035 Puerto Rico Infrastructure Financing Authority December 2017 msrb.org | emma.msrb.org | 1

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  • Puerto Rico Bond Trading and Outstanding Debt

    Part I - Trading Activity by Issuer

    Issuer

    Issuer CUSIP

    on EMMA

    Jan - Dec 2017

    Par Amount Traded

    Jan - Dec 2017

    Number of Trades

    Puerto Rico Sales Tax Financing Corporation 74529J $20,183,578,500 41,826

    745145

    745144

    745143

    74514L

    745268

    74526Q

    Puerto Rico Aqueduct and Sewer Authority 745160 $3,545,839,750 16,001

    Puerto Rico Public Buildings Authority 745235 $3,444,114,000 22,166

    Children's Trust 16876Q $3,110,740,000 1,372

    Government Development Bank of Puerto Rico 745177 $2,979,298,025 5,872

    745181

    745185

    745190

    Employees Retirement System of the Government of the Commonwealth of Puerto Rico 29216M $2,497,504,000 3,382

    74528U

    745223

    745220

    Puerto Rico Public Finance Corporation 745291 $633,977,000 1,222

    Puerto Rico Municipal Finance Agency 745277 $219,950,000 5,242

    Puerto Rico Convention Center District Authority 745266 $196,645,000 3,885

    74526L

    74527A

    University of Puerto Rico 914811 $125,464,000 3,109

    Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority 745272 $72,789,500 1,192

    Puerto Rico Industrial Development Company 745211 $52,925,000 516

    Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority 74528N $43,150,000 821

    Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority 74527B $39,381,000 340

    Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority 74527E $32,175,000 235

    745270

    74527L

    74527P

    Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority 74527J $1,340,000 4

    Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority 74527R $980,000 11

    Puerto Rico Electric Power Authority $4,775,683,783 38,824

    $8,870,000 104

    $1,407,681,000 11,220

    Puerto Rico Housing Finance Corporation

    To assist investors and others seeking information on bonds issued by the Commonwealth of Puerto Rico and other issuers within the Commonwealth, the MSRB is

    providing information on trade activity for issuers, pricing history for the most active securities as well as a current and historical depiction of the Commonwealths

    public sector debt. Additional information on Commonwealth issuers and their securities is available on the MSRBs Electronic Municipal Market Access (EMMA)

    website. Users can consult official statements on EMMA for more detailed information about the issuer, obligor and bond repayment terms. The MSRBs Education

    Center provides helpful information about the municipal securities market, including the risks and considerations when buying and selling municipal securities.

    List of all municipal bond issuers in the Commonwealth of Puerto Rico and trading information through December 2017, including issuer name, CUSIP numbers (with

    direct links to additional information currently available on EMMA), par amount traded and number of trades.

    Commonwealth of Puerto Rico $13,919,484,047 70,202

    Puerto Rico Highways and Transportation Authority $2,822,170,500 37,618

    Puerto Rico Infrastructure Financing Authority $180,030,000 2,035

    Puerto Rico Infrastructure Financing Authority

    December 2017 msrb.org | emma.msrb.org | 1

    http://emma.msrb.org/IssuerView/IssuerDetails.aspx?cusip=74529Jhttp://emma.msrb.org/IssuerView/IssuerDetails.aspx?cusip=745145http://emma.msrb.org/IssuerView/IssuerDetails.aspx?cusip=745144http://emma.msrb.org/IssuerView/IssuerDetails.aspx?cusip=745143http://emma.msrb.org/IssuerView/IssuerDetails.aspx?cusip=74514Lhttp://emma.msrb.org/IssuerView/IssuerDetails.aspx?cusip=745268http://emma.msrb.org/IssuerView/IssuerDetails.aspx?cusip=74526Qhttps://emma.msrb.org/IssuerView/IssuerDetails.aspx?cusip=745160http://emma.msrb.org/IssuerView/IssuerDetails.aspx?cusip=745235http://emma.msrb.org/IssuerView/IssuerDetails.aspx?cusip=16876Qhttp://emma.msrb.org/IssuerView/IssuerDetails.aspx?cusip=745177http://emma.msrb.org/IssuerView/IssuerDetails.aspx?cusip=745181http://emma.msrb.org/IssuerView/IssuerDetails.aspx?cusip=745185http://emma.msrb.org/IssuerView/IssuerDetails.aspx?cusip=745190http://emma.msrb.org/IssuerView/IssuerDetails.aspx?cusip=29216Mhttp://emma.msrb.org/IssuerView/IssuerDetails.aspx?cusip=74528Uhttp://emma.msrb.org/IssuerView/IssuerDetails.aspx?cusip=745223http://emma.msrb.org/IssuerView/IssuerDetails.aspx?cusip=745220http://emma.msrb.org/IssuerView/IssuerDetails.aspx?cusip=745291http://emma.msrb.org/IssuerView/IssuerDetails.aspx?cusip=745277http://emma.msrb.org/IssuerView/IssuerDetails.aspx?cusip=745266http://emma.msrb.org/IssuerView/IssuerDetails.aspx?cusip=74526Lhttp://emma.msrb.org/IssuerView/IssuerDetails.aspx?cusip=74527Ahttp://emma.msrb.org/IssuerView/IssuerDetails.aspx?cusip=914811http://emma.msrb.org/IssuerView/IssuerDetails.aspx?cusip=745211http://emma.msrb.org/IssuerView/IssuerDetails.aspx?cusip=745272http://emma.msrb.org/IssuerView/IssuerDetails.aspx?cusip=74527Bhttp://emma.msrb.org/IssuerView/IssuerDetails.aspx?cusip=745270http://emma.msrb.org/IssuerView/IssuerDetails.aspx?cusip=74527Lhttp://emma.msrb.org/IssuerView/IssuerDetails.aspx?cusip=74527Phttps://emma.msrb.org/IssuerView/IssuerDetails.aspx?cusip=74527Jhttps://emma.msrb.org/IssuerView/IssuerDetails.aspx?cusip=74527J

  • Puerto Rico Bond Trading and Outstanding Debt

    Part II - Top 25 Most Actively Traded Securities

    The following eight graphs illustrate price movements of the 25 most-traded securities through December 2017 based on the information provided in Part I.

    Securities with similar pricing patterns are grouped together to illustrate the impact of the Commonwealths current financial difficulties on price levels.

    $0

    $20

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    $120

    1/1/2014 7/20/2014 2/5/2015 8/24/2015 3/11/2016 9/27/2016 4/15/2017 11/1/2017

    Pri

    ce

    Commonwealth of Puerto RicoInsured

    74514LD20 74514LXG7

    $0

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    $120

    1/1/2014 7/20/2014 2/5/2015 8/24/2015 3/11/2016 9/27/2016 4/15/2017 11/1/2017

    Pri

    ce

    Commonwealth of Puerto RicoNon-Insured

    74514LB63 74514LB89 74514LE86

    December 2017 msrb.org | emma.msrb.org | 2

  • Puerto Rico Bond Trading and Outstanding Debt

    $0

    $20

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    1/1/2014 7/20/2014 2/5/2015 8/24/2015 3/11/2016 9/27/2016 4/15/2017 11/1/2017

    Pri

    ce

    Puerto Rico Aqueduct and Sewer Authority and Puerto Rico Convention Center District AuthorityInsured

    745160QC8 745266BD7

    $0

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    $80

    $90

    1/1/2014 7/20/2014 2/5/2015 8/24/2015 3/11/2016 9/27/2016 4/15/2017 11/1/2017

    Pri

    ce

    Puerto Rico Aqueduct and Sewer Authority and Puerto Rico Electric Power AuthorityNon-Insured

    745160RC7 745160RR4 74526QKX9

    December 2017 msrb.org | emma.msrb.org | 3

  • Puerto Rico Bond Trading and Outstanding Debt

    $0

    $20

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    $120

    1/1/2014 7/20/2014 2/5/2015 8/24/2015 3/11/2016 9/27/2016 4/15/2017 11/1/2017

    Pri

    ce

    Puerto Rico Highways and Transportation Authority

    7451902B3 745190DH8 745190UP1 745190UQ9

    $0

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    $30

    $40

    $50

    $60

    $70

    1/1/2014 7/20/2014 2/5/2015 8/24/2015 3/11/2016 9/27/2016 4/15/2017 11/1/2017

    Pri

    ce

    Puerto Rico Infrastructure Financing Authority

    745220EZ2 745220JQ7

    December 2017 msrb.org | emma.msrb.org | 4

  • Puerto Rico Bond Trading and Outstanding Debt

    $0

    $10

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    $40

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    $70

    $80

    1/1/2014 7/20/2014 2/5/2015 8/24/2015 3/11/2016 9/27/2016 4/15/2017 11/1/2017

    Pri

    ce

    Puerto Rico Public Buildings Authority

    745235R37

    $0

    $10

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    $70

    $80

    $90

    $100

    1/1/2014 7/20/2014 2/5/2015 8/24/2015 3/11/2016 9/27/2016 4/15/2017 11/1/2017

    Pri

    ce

    Puerto Rico Sales Tax Financing Corporation

    74529JGP4 74529JHH1 74529JHL2 74529JHN8 74529JKJ3 74529JKK0 74529JKM6 74529JLM5

    December 2017 msrb.org | emma.msrb.org | 5

  • Puerto Rico Bond Trading and Outstanding Debt

    Part III - Current and Historical Debt Outstanding

    Disclaimer

    The overall size of the Commonwealths public sector debt continues to be examined and publicized. The following information illustrates the $69 billion public

    sector outstanding debt as well as the existing debt levels over the past nine years.

    The information and data in this document are provided without representations or warranties and on an as is basis. The MSRB hereby disclaims all representations and

    warranties (express or implied), including, but not limited to, warranties of merchantability, non-infringement and fitness for a particular purpose. Neither the MSRB, nor any

    supplier, shall in any way be liable to any recipient or user of the information and/or data, regardless of the cause or duration, including, but not limited to, any inaccuracies, errors,

    omissions or other defects in the information and/or data or for any damages resulting therefrom. The information and data are not meant to be a full representation of Puerto

    Ricos debt obligations, but to provide an aggregated list of issuers based on information/data readily available on EMMA. The MSRB has no obligation to update, modify or amend

    information or data herein or to notify the reader if any is inaccurate or incomplete. This document was prepared for general informational purposes only, and it is not intended to

    provide, and does not constitute, investment, tax, business, legal or other advice.

    Commonwealth Taxes34%

    Non-Tax-Supported Public Corporations18%

    General Obligations17%

    Commonwealth Appropriations15%

    Tax-Supported Public Corporations8%

    Municipal Indebtedness5%

    Non-Recourse Indebtedness3%

    Commonwealth of Puerto RicoPublic Sector Debt

    As of July 31, 2016

    Total: $69 billion

    Source: Government Development Bank for Puerto Rico

    0

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    70

    80

    Dec-08 Dec-09 Jun-11 Sep-11 Mar-13 Jun-13 Jul-14 Sep-15 Jul-16

    $ B

    illio

    ns

    Source: Government Development Bank for Puerto Rico

    Commonwealth of Puerto RicoPublic Sector Debt

    2008 - 2016

    December 2017 msrb.org | emma.msrb.org | 6