Dominican Government issues new securities in local and foreign currency and concludes repurchase of bonds in DOP maturing in 2023.

DOMINICAN REPUBLIC - In Brief 01 Feb 2023 by Magdalena Lizardo
The Dominican Government reported that it issued USD$1.8 b in local and foreign currency, with the purpose of repurchasing the international bond indexed in DOP maturing in 2023 and partially financing the 2023 Public Budget. The issuance in foreign currency amounts to USD700 m, with a coupon of 7.05% and maturing in 2031. In turn, the issuance in local currency amounts to DOP62,282 m (USD1,100 m), with a coupon of 13.625%, maturing in 2033. The repurchase of the bond indexed to DOP maturing in 2023 amounted to DOP37,221 m, equivalent to 93.05% of the total amount of circulation of the title offered (DOP40,000 m). According to the Minister of Finance, Jochi Vicente, these operations reduce the participation of debt in foreign currency in the NFPS debt portfolio, thereby mitigating the  exchange rate risk, and provide resources  in USD  up to half of the year to finance the 2023 Public Budget  "without putting pressure on the domestic exchange rate, without incurring a high cost, taking into account the current conditions of interest rates."

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