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Dominican Republic Sells $500 Million of 10-Year Bonds Overseas

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Oct. 21 (Bloomberg) -- The Dominican Republic sold $500 million of bonds abroad, boosting issuance this year to a record as it seeks to fund infrastructure spending.

The Caribbean nation issued the securities due January 2024 to yield 6.6 percent, according to data compiled by Bloomberg. Citigroup Inc. arranged the transaction.

The country is tapping international markets for a second time in 2013 after selling $1 billion of 5.875 percent bonds maturing in April 2024. Economic growth will accelerate to 3.6 percent next year from 2 percent in 2013, according to the International Monetary Fund.

The yield on the Dominican Republic’s bonds due April 2024 rose two basis points, or 0.02 percentage point, to 6.43 percent at 4:52 p.m. today in New York.

The country is rated B1 by Moody’s Investors Service, or four levels below investment grade, and an equivalent B+ by Standard & Poor’s.

To contact the reporter on this story: Veronica Navarro Espinosa in New York at vespinosa@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net