(Santo Domingo, 13 February 2020). The firm recently represented BNP Paribas Securities Corp. and J.P. Morgan Securities LLC as initial purchasers in the issuance of bonds by the Government of the Dominican Republic in the international capital markets.
On January 23, 2020, the Dominican Republic placed simultaneous bonds of US$1 billion 4.5% bonds due 2030 and US$1.5 billion 5.875% bonds due on 2060. The 10-year offering for US$1 billion is the lowest issued by the Dominican Republic for this period and it’s the first offering of a 40-year bond, the longest-term bond offered by the country, at the lowest rate for a bond with a maturity greater than or equal to 30 years.
Cleary Gottlieb represented the Dominican Republic while Simpson Thatcher & Bartlett LLP, acted as US counsel to the initial purchasers and Pellerano Nadal, led by Luis Rafael Pellerano, acted as Dominican counsel to the initial purchasers. The offering marks a continuance by Luis Pellerano and his team, who have been advising the initial purchasers on Dominican Sovereign Bond issuances for over 15 years since the country entered the international markets.