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The
issuance of the Government’s first dematerialized
instrument was authorized by Law No. 490-08, approved on
December 31st, 2008, amounting to US$250.0 million (equivalent
to RD$8,814.6 million) to be allocated to the CDEEE
current transfers. The total amount was placed on the
same date in three series with maturities of 1, 2 and 3
years, and was bought by electricity generators.
In
Article 6 of Decree No. 856-08, states that "the coupon
to be paid is 10.60% per annum subject to tax on the
perception of interests" and that "if the Congress
approves a tax exemption on the perception of interests,
then the effective rate of the coupon would be 8.00% per
annum".
These
bonds will be registered in the Securities Market of the
Superintendency of Securities (Superintendencia de
Valores), according to the Securities Market Law and its
regulations. Furthermore, the titles will be registered
electronically in a Securities Electronic Registration
System and are not materialized.
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