Dominican Republic returns to global markets with 30-year bond issue
The Dominican Republic returned to the international markets with a 30-year bond issue worth US$1.250bn, the government said in a release.
The bonds have a 7.45% coupon, which according to the government is the lowest rate ever paid on a 30-year issue by a 'B' rated country.
The Dominican Republic had last turned to the global market in April last year when it issued 10-year bonds for US$1bn with a 5.88% coupon.
Demand for the latest issue was close to US$3bn, according to the release.
The strong investor demand was the result of a successful road show in New York, Boston, Los Angeles and London and a reduction last year in the country's fiscal deficit, said the government.
Proceeds will be used to cover general budgetary expenses and infrastructure projects included in the government's 2014 financing plan.
The bond sale was arranged by US investment banks Goldman Sachs and JP Morgan Chase.
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