On September 18, 2020, the Government of the Dominican Republic placed bonds in the international capital markets for US$1.8 billion in aggregate principal amount of its 4.875% bonds due 2032, US$1.7 billion in aggregate principal amount of its 5.875% bonds due 2060, and DOP17.5 billion (equivalent to approximately US$300 million) in aggregate principal amount of its 9.75% bonds due 2026. The offerings of the 5.875% bonds due 2060 and the 9.75% bonds due 2026 were reopenings of a series of bonds that had previously been issued by the Dominican Republic. This new issuance is the largest and most relevant issuance so far in the history of the country and the first carried out in the administration of President Luis Abinader.

Cleary Gottlieb represented the Dominican Republic, while Simpson Thatcher & Bartlett LLP acted as NY counsel for the initial purchasers and Pellerano Nadal, led by Luis Rafael Pellerano, acted as Dominican counsel for the initial purchasers. The offering marks a continuation of Luis Rafael Pellerano and his team, who have been advising initial purchasers on Dominican sovereign bond issues for more than 15 years, since the country entered the international capital markets.