June 11, 2021. - PELLERANO NADAL represented JP Morgan Securities LLC and Citigroup Global Markets Inc., in the issuance of Sovereign Bonds, their placement in the format of global deposit notes to foreign investors and the first liability management carried out in the local market for a total of RD$116,756,300,000.00 (approx. US$2,023,506,100.00), RD$6,831,700,000.00 (approx. US$118,400,350.00) and RD$92,427,000,000.00 (approx. US$ 1,601,854,420.00), respectively, by the Dominican Republic.
The firm assisted JP Morgan Securities LLC and Citigroup Global Markets Inc., as structuring agents, with the local issuances by the Dominican Republic of RD$35,314,500,000.00 (approx. US$612,036,400.00) and RD$81,441,800,000.00 (approx. US $1,411,469,700.00) with yields of 8.0% and 8.6% and due on 2028 and 2031, respectively. These issuances were accompanied by an offer to purchase to international investors, under the format of global deposit notes, for RD$ 2,482,000,000.00 (approx. US$8,353,560.00) and RD$4,349,700,000.00 (approx. US$6,060,700.00), due on 2028 and 2031, respectively. Citibank N.A. acted as depositary for the global depository notes.
Simultaneously, the firm assisted JP Morgan Securities LLC and Citigroup Global Markets Inc., as agents, in the liability management of local debt, including global deposit notes, for RD$92,427,000,000.00 (approx. US$1,601,854,500.00).
This transaction in the local market will allow a reduction in debt services of approximately RD$74,908,000,000.00 (approx. US$1,298,232,250.00) for the period 2022-2027, reduces the cost of financing by 66.2 basic points and increases the average maturity of 7.83 to 8.92 years in the local bond portfolio in Dominican pesos.