The Dominican Republic placed US$500 million in sovereign bonds abroad, boosting issuance this year to a new record. The placement indicates the funds will be spent on infrastructure. The securities are due January 2024 and will yield 6.6%, according to data compiled by Bloomberg. Citigroup Inc. arranged the transaction.
Bloomberg reports that the country is tapping international markets for a second time in 2013 after selling US$1 billion of 5.875% bonds maturing in April 2024. It reports that the yield on the Dominican Republic’s bonds due April 2024 rose by two basis points, or 0.02 percentage point, to 6.43% in New York.
www.bloomberg.com/news/2013-10-21/dominican-republic-sells-500-million-of-10-year-bonds-overseas.html