The Banco de Reservas issues bonds for RD $10 billion
SANTO DOMINGO. The Banco de Reservas, a state – owned property, reported that it initiated on Monday 29 December a program of bond emissions of subordinated debt for an amount of RD$10 billion, through the business platform of the Stock Exchange of the Dominican Republic.
The amount placed corresponds to two emissions offered simultaneously, each one of RD$5 billion, with a due date of 10 years and at variable interest rates equal to the average of the passive interest rates of the multi – banks which is published by the Central Bank, plus a fixed margin of 2.75%. The effective interest rate at the moment of placement of the bonds of subordinated debt was 9.66%. This rate is reviewable every 6 months, reported the financial entity.
Banreservas has a risk classification of AA+ (DOM) and AA-, issued by Fitch Dominicana and Feller Rate, respectively. For their part, the program of emissions is classified AA (Dom) and A+ by the same agencies which denotes a solid credit quality and it elevated capacity for payment.
The program of emissions is directed to institutional investors both national and foreign, excluding entities of financial intermediation, in the fulfillment with what is established in the Regulations of Prudential Norms and Asset Protection.
Category: DR News |