LONDON, April 24 (IFR) - The Dominican Republic has opened books on a new dual-currency, dual-tranche bond offering denominated in US dollars and Dominican pesos, according to a source.
The sovereign, rated B1/B+/B, has set initial price thoughts of 7.5% area on a US dollar 30-year bond. It has also set initial price thoughts of 10.125% area on a Dominican peso five-year bond, though investors will be paid in dollars.
Proceeds from the 144a/Reg S deal will go towards financing infrastructure projects and to providing support for other sectors of the economy.
The deal is expected to price later today via Goldman Sach and JP Morgan. (Reporting By Abhinav Ramnarayan; Editing by Sudip Roy)