The country launches US$500M tap on bond, Reuters reports

Santo Domingo. – The news agency Reuters reports that thecountry has launched a “US$500m tap of its 6.875% 2026 bond at 5.60% afterorder books swelled to around US$3bn.”

“A buyside source told IFR on Wednesday that the finalyield comes at the tight end of guidance of 5.60%-5.65% and inside initialprice thoughts of 5.875% area.

“The bonds closed at 109.20 or a 5.6% yield on Tuesday andwere trading earlier on Wednesday at 110.25 or at a yield of 5.40%,” Reuterssaid, quoting the investor in New York.

It adds that the Dominican Republic, “is expected to pricethe deal later on Wednesday through leads Citigroup and JP Morgan. Ratings areB1/BB-/B+.”