AWARDS: Sovereign Liability Management

AWARDS: Sovereign Liability Management

Corporate & Sovereign Strategy Dominican Republic Bonds

The Dominican Republic broke ground last year, using the proceeds from a dual-tranche bond issue to strike a deal with Venezuela’s PDVSA that helped reduce the country’s debt. B1/B+/B+ rated Dominican Republic sold $2.5 billion of debt across two tranches in January. The issues included a $1 billion 10-year bond and a $1.5 billion 30-year tranche. The sovereign sold the 10-year and 30-year instruments at a yield of 5.5% and 6.85%, respectively, trimming the yield on both by 15bp from initial indications.  The prices for the notes were “fairly attractive” and offered just a slight concession to the curve, an investor said at the time of issue. Bank of America-Merrill Lynch and JPMorgan, winne

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