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Dominican Republic Sovereign Bond Issuance

On July 12, 2018, the Ministry of Finance of the Dominican Republic placed a total amount of US$1,300.0 million in the international capital markets, in a 10-year bond at a 6.0% yield.

The Minister of Finance, Donald Guerrero Ortiz, announced the results of the transaction affirming that the bond issuance was a success, despite the volatility that has characterized the international financial markets in latest months, receiving a total demand for the Dominican Sovereign Bonds much higher than the amount offered by the country.

Around 200 accounts of investors from around the world demanded the bond in USD with a total demand of USD3,500 million, almost 2.7 times the amount of the issue, reflecting a considerable interest for bonds of a country with a sovereign rating of Ba3/BB-/BB-.

The demand received is a new sign of the confidence of the international investor community in the macroeconomic fundamentals of the country, as well as in the recent performance and future prospects of the Dominican economy and the management of public finances.

This bond placement was stipulated in Law No. 243-17, which approves the General State Budget for the year 2018, as well as Law No. 248-17 on Public Debt Securities, as it is part of the Government's Financing Plan for the year approved in the aforementioned laws.

The Minister of Finance, Donald Guerrero Ortiz, led the Dominican team in charge of the transaction, with the technical support of the Public Debt Office staff. The transaction closed in New York, with J.P. Morgan as sole book-runner manager.