Close Gallery
EGE Haina Plant Sultana del Este.
Zoom Picture

Santo Domingo. -  The Dominican Republic Bourse (BVRD) Thursday announced the start of the first part of the US$6 million corporate bond offering by the power company EGE Haina for the local market, with an 18 month maturity and 8 percent annual yield, paid monthly.

It said the Securities Superintendent approved Bond offering and it’s intended for foreigners and locals alike, with a minimum investment of US$1,000.

In an emailed statement, the Bourse said Fitch Dominicana rated the offering BBB (Dom) for long term instruments issued in foreign currency, resulting from a capacity to pay financial commitments, and a low credit risk expectation.

It said the bonds are registered in the Bourse and could be acquired starting today through the trader BHD Valores. “This emission will allow EGE Haina to increase its work capital, simultaneously supporting the development of the local stock market.”

Share / Recommend this article: FacebookFacebook Digg thisDigg this del.icio.usdel.icio.us TechnoratiTechnorati YahooYahoo Facebook
COMMENTS
6 comment(s)
Written by: Manhattanite, 23 Apr 2009 2:18 PM
From: United States
Listing for just 6MM ?! C'mon, no bank had this much to lend?
Written by: JimHarrington, 23 Apr 2009 2:29 PM
From: United States
BBB is a terrible listing, money condiered at potential for nonrepayment risk.
Written by: Manhattanite, 23 Apr 2009 2:37 PM
From: United States
It's sad because in many places in the world the debt of a utility is considered safe and high grade. Then again what is a Fitch rating worth these days? Literally, what do you have to pay to get the A :P
Written by: THINK, 24 Apr 2009 1:55 AM
From: United States, Santo Domingo -- Mia --NY
Wow, who has the guts to invest in this Bond?
1. BBB rating
2. what about default?
3. Be careful, if you want to jump into this......
Written by: juliony, 24 Apr 2009 1:55 PM
From: United States, New YOrk
Jim, don't say anything.. Dominicans don't know about ratings...
but $6 million.. is small amount to raise..
Written by: Manhattanite, 24 Apr 2009 2:05 PM
From: United States
I don't know about in DR, but in the US you could probably spend $6MM just in fees and setting up transparency & disclosure processes required to be listed. Maybe this is meant as a test run of how the debt will price, but still seems an awfully small amount.
Post Your Comment | Not a member? Create your account | Lost your password?
Write your opinion here. Please keep your comment relevant to this article. Please note that any comments which contain offensive language or discriminatory expressions may be edited/removed.
You must log in to post a comment:
Username Password