Cleary Gottlieb represented the Dominican Republic in two 144A/Reg. S offerings, including $1.5 billion aggregate principal amount of bonds due 2049 and DOP50.523 billion aggregate principal amount of bonds due 2026 (payable in U.S. dollars).
The initial purchasers of the U.S. dollar-denominated bonds were BofA Securities Inc. and J.P. Morgan Securities LLC, and the initial purchasers of the Dominican peso-denominated bonds were BofA Securities Inc. and J.P. Morgan Securities plc. The transaction priced on May 29, 2019, and closed on June 5, 2019.
The offering marked the 16th time the Dominican Republic has tapped the international debt markets during the last 10 years. The Dominican peso issuance is the longest and largest international DOP issuance, and the U.S. dollar issuance had the lowest 30-year coupon for the Dominican Republic to date. Cleary has represented the sovereign in connection with each offering.
The Dominican Republic intends to use the net proceeds from the sale of the bonds for general purposes of the government, including the partial financing of the 2019 budget.