Economy June 13, 2017 | 9:45 pm

Dominican Rep. US$500M bond aims to finish embattled power plant

Punta Catalina pier.

Santo Domingo. – The Dominican Republic on Tuesday placed a US$500 million bond on the international market, with proceeds earmarked to finish construction on the coal-fired power plant at Punta Catalina, Baní (south), Finance minister, Donald Guerrero announced Tuesday.

He called the bond issue “historic” because of its 10-year rate at 5.10%.

Jefferies, Drexel Hamilton, Stifel Nicolaus & Company are the banks in charge of the placement of the Dominican bond, local media report, citing sources.

However, because of the corruption scandal of Odebrecht, the lead builder of the power plant, “the world keeps its eyes on the Dominican Republic.”

The US$500 million are part of the US$1.7 billion package that the Dominican Republic decided to place. US$1.2 billion has already been sold, and the US$500 million placed today are still available.