In the face of many uncertainties including;

a)  controversial fuel tax hike.

b) a forthcoming 2.9 blln dollar bond issued by the PR IFA.

c) release of the PREPA business plan. 

d) the implementation of a new tax system.

...Puerto Rico bonds (including bonds backed by Sales and Use Taxes) have been trading down.

Ironically, the Sales and Use Taxes (as reported by the GDB) have been growing steadily. A strong case can be made that these bonds (COFINA bonds backed by the Sales and Use Taxes) are undervalued.

Relative to the Sales and Use Tax revenues, the General Fund revenues don't look so good.