Another way to track the impact of the storm that is Puerto Rico is to look at the municipal bond market in two ways: with and without Puerto Rico. The new S&P Municipal Bond High Yield ex Puerto Rico Index excludes any bond issued by Puerto Rico. Puerto Rico bonds are included in the S&P Municipal Bond High Yield Index and as a result add 129bps to the yield of the entire muni junk bond market (as of Feb. 24, 2016).
Chart 1: S&P Municipal Bond High Yield ex Puerto Rico vs. S&P Municipal Bond High Yield Index
![Source: S&P Dow Jones Indices, LLC. www.spindices.com. Data as of February 24, 2016.](https://www.indexologyblog.com/wp-content/uploads/2016/02/Blog-2-25-2016-Pic-1.png)
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