Chicago, Jan. 14 – The Dominican Republic sold notes in two parts (BB-/BB-) during the week, according to a notice from the Ministry of Finance.
The country sold $1.5 billion of new notes due 2041 with a 5.3% coupon and $1 million of notes in a reopening of its 3.87% notes due 2030.
The offering was more than four times oversubscribed.
Citibank and J.P. Morgan led the transaction.
Through the transaction, the average cost of debt of the non-financial public sector was reduced by 9 basis points and the average life was extended to 12.2 years from 12 years.
Proceeds, according to Fitch Ratings, will be used for general purposes of the government, including the partial financing of the Dominican Republic’s 2021 budget.
| Issuer: | Dominican Republic
|
| Issue: | Notes
|
| Amount: | $2.5 billion
|
| Bookrunners: | Citibank and J.P. Morgan
|
| Ratings: | S&P: BB-
|
| Fitch: BB-
|
| Announcement date: | Jan. 14
|
|
|
| New notes
|
| Amount: | $1.5 billion
|
| Maturity: | 2041
|
| Coupon: | 5.3%
|
|
|
| Add-on
|
| Amount: | $1 billion
|
| Maturity: | 3.87%
|
| Maturity: | 2030
|
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