Dominican Republic Issues $1.822 billion in Bonds

The Caribbean country issued $1 billion on the international market for a term of 30 years and at a rate of 6.5%, and another $822 million with a 5-year term and a rate of 8.9%.

Friday, February 9, 2018

Dominican authorities reported that the country issued for the first time in the New York market, a 5-year bond issue for $822 million, and another, also in dollars, at 30 years and for $1 billion.

From a statement issued by the Ministry of Finance:

On February 8, the Dominican Republic made history in the global capital market by issuing for the first time in the New York market, a bond denominated in local currency for 5 years for RD $40,000 million (US $822 million), and a 30-year US dollar bond for US $1 billion at the lowest coupon rate issued by the country for this term.

The issuance of the Dominican peso bond (PDO) is part of the Dominican Government's strategy to continue reducing its exposure to foreign exchange variation and is the first to be carried out by a Latin American country not rated as investment grade, which demonstrates the confidence of investors in the economic growth and stability of the Dominican currency.  This issue was made at an interest rate or coupon on the DOP bond of 8.90%.

Read full release (in Spanish).

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