Banreservas Opens Market for DR Banks

Banreservas Opens Market for DR Banks

Dominican Republic Bonds

Banco de Reservas de la Republica Dominicana (Banreservas) has opened the cross-border bond markets for Dominican banks, pricing a $300m 2023 Tier 2 subordinated transaction. The government-owned first-time issuer priced at 99.129 with a 7.000% coupon to yield 7.125%, the tight end of 7.125%-7.250% guidance. The book was heard reaching $750m by Friday morning, according to investors following the sale. Banreservas plans to use proceeds to improve its maturity profile, with a portion of the funds

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