The Dominican government successfully placed US$2.75 billion in sovereign bonds on the international capital markets on 11 February 2026. The issuance was conducted through the Ministry of Finance and is split into two tranches to manage the nation’s financial obligations and capital investment needs for the 2026 fiscal year.
The placement consists of an eight-year bond and a twelve-year bond. According to reports from the Ministry of Finance and local news outlets, the transaction was heavily oversubscribed, reflecting continued investor confidence in the country’s macroeconomic stability and tourism-led growth.
However, the new borrowing comes amid growing scrutiny regarding the government’s adherence to its own fiscal guidelines. A separate report from Diario Libre highlights that the government failed to comply with its own Public Debt Management Strategy during the 2025 fiscal cycle. Specifically, analysts pointed out that the administration struggled to adjust its borrowing patterns to the targets established in its medium-term fiscal framework, raising concerns about the long-term sustainability of the debt-to-GDP ratio, which stood at approximately 47.9% at the end of last year.
While the government maintains that the funds are essential for strategic infrastructure projects, including the expansion of the Santo Domingo Metro and the Metropolitan Train, critics argue that the frequent reliance on external private creditors via bond issuances deviates from the goal of increasing domestic-currency financing and reducing exposure to exchange-rate volatility.
This latest issuance brings the total authorized credit operations for 2026 to a significant portion of the US$4.35 billion limit approved in the General State Budget (Law No. 99-25).
The budget law establishes a total expenditure of RD$1,622,833,406,287.00 (approximately US$25.46 billion). Article 71 of the law specifically authorizes government credit operations for a maximum combined amount exceeding US$4.35 billion.
S&P Global Ratings said it assigned its ‘BB’ issue rating to the Dominican Republic’s bonds totaling US$2.75 billion:
A US$1.25 billion bond due 2034 at a 5.75% interest rate, and
A US$1.5 billion bond due 2038 at a 6.15% interest rate.
The ratings on the bonds are the same as the long-term foreign currency sovereign credit rating on the Dominican Republic (BB/Stable/B). The country will use the proceeds of the bonds for general budgetary purposes.
S&P Global said their ‘BB’ sovereign credit rating reflects the country’s open and fast-growing economy compared with peers. Despite its vulnerability to external shocks, the economy also has a record of fast recoveries.
Read more:
Ministry of Finance
Law No. 99-25 (General State Budget for 2026)
Diario Libre
12 February 2026