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Wednesday, July 20, 2011

Dominican Republic Sets Up To Sell Dollar Bonds -Source

The Dominican Republic hired two investment banks to set up meetings with fixed-income investors in Europe and the U.S. to sell dollar-denominated debt, according to a person familiar with the deal.

The B1 Moody's-rated sovereign plans to start those meeting on July 14 to sell the proposed bonds in a 144A/Reg S deal. It mandated Barclays and J.P. Morgan to arrange the meetings. No offering size was disclosed.

The roadshow starts in Los Angeles on July 14, then San Francisco, London, Boston and New York through the following week.

In mid-June, Standard and Poor's upgraded the Dominican Republic to B+/B from B/B, with a stable outlook, citing a "resilient" economy and improving debt structure. The ratings agency said it expects the nation's real gross domestic product to grow 5.5% this year, with a "feasible" medium-term growth of 4% to 5%.

Source: The Wall Street Journal

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