Hoy newspaper reports that Andres Dauhajre, director of the unit in charge of issuing sovereign bonds, will send to Congress an initiative seeking permission to participate in the international money markets. Dauhajre says that at least five firms have shown an interest. He said the annual interest rate would be about 10.5%. El Caribe newspaper yesterday had reported the bonds would be issued at around 12% interest. Dauhajre said that the firms JP Morgan Chase and Morgan Stanley Dean Witter are participating in the first placement of the bonds and another two firms, Salomon Smith Barney and Deutsche bank have shown an interest. He said the government would use the funds to complete the Autovia del Este (linking Santo Domingo with eastern cities), the Duarte Bridge, the Santo Domingo Avenida de Circunvalación and other construction projects.
