Dominican Republic Completes Bond Buyback

DOMINICAN REPUBLIC - In Brief 22 Sep 2026 by Magdalena Lizardo
The Dominican Republic completed a liability management operation involving the repurchase of US$1.385 billion of its 5.95% sovereign bonds due in January 2027, representing approximately 81.5% of the US$1.7 billion previously outstanding. In conjunction with the buyback, the government issued US$1.6 billion in new global bonds due in March 2039 at an interest rate of 6.85%. The new issue attracted orders totaling approximately US$6.54 billion, or 4.1 times the amount issued. The transaction reduces the outstanding amount of the January 2027 bonds to approximately US$315 million, while extending the maturity of most of the refinanced debt to 2039. The new bonds were issued at a spread of 181 basis points over comparable U.S. Treasury securities. According to the Ministry of Finance and Economy, this compares with a spread of 349 basis points when the 2027 bonds were originally issued in January 2017. The transaction was initially announced on September 15 and completed following the expiration of the repurchase offer on September 21.

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