Puerto Rico debt is having its worst year since 1999 as a shrinking economy strains the island’s finances. For Wall Street banks and law firms, that’s a signal to tout the bonds to investors in distressed debt who don’t typically buy municipal securities.
In the last month, bankers at Citigroup Inc. and Morgan Stanley made private presentations to investors in New York, according to people who attended the meetings. Lazard Capital Markets LLC said it hosted a similar event.
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