Dominica
The Dominican Republic (DR) bought back 98.5% of its US$ 4.12 billion outstanding debt with PDVSA under the PetroCaribe arrangement on January 30th, 2015. At a 52% discount, the outright debt reduction of US$ 2.1 billion represented 3.3 percentage points (pp) of GDP.
Financing Needs
The country’s 2015 financing needs are US$3.8 billion, of which the fiscal deficit is US$1.6 billion (-2.4% of GDP). DR already tapped the international market with two new bonds (DR 25’ and DR 45’) for a combined amount of US$ 2.5 billion, of which US$ 1.93 billion were used to buy back the Petro Caribe debt. Net of the debt buyback, the government is left with US$560 million from the global issuance. After counting in the projected financing in the local market (US$900 million) and bi- and multilateral institutions, we estimate a remaining financing gap of around US$1.3 billion
Dominca Bond Coupon Payment/ Int Rate
| Issuer, issue number | Dominican Republic, 2025 |
| Type of debt instrument | International bonds |
| Issue status | outstanding |
| Type of placement | Public |
| Par, currency of issue | USD 100,000 |
| Amount | 1,500,000,000 |
| ISIN | USP3579EBD87 |
| Start of placement | 01/20/2015 |
| End of placement | 04/30/2015 |
| Initial issue price | 100 |
| Yield at pricing | 5.5 |
| Coupon | 5.5% |
| Coupon frequency | 2 time(s) per year |
| Settlement date | 01/27/2015 |
| Maturity date | 01/27/2025 |
Second Bond Interest Rate
| Issuer, issue number | Dominican Republic, 2045 |
| Type of debt instrument | International bonds |
| Issue status | outstanding |
| Type of placement | Public |
| Par, currency of issue | USD 100,000 |
| Amount | 2,000,000,000 |
| ISIN | USP3579EBE60 |
| Start of placement | 01/20/2015 |
| End of placement | 04/30/2015 |
| Initial issue price | 100 |
| Yield at pricing | 6.85 |
| Coupon | 6.85% |
| Coupon frequency | 2 time(s) per year |
| Settlement date | 01/27/2015 |
| Maturity date | 01/27/2045 |
Jamaica bond pricing comparison
| Issuer, issue number | Jamaica, 6.75% 2028, USD |
| Type of debt instrument | International bonds |
| Issue status | outstanding |
| Type of placement | Public |
| Par, currency of issue | USD 200,000 |
| Amount | 1,350,000,000 |
| ISIN | US470160CA80 |
| End of placement | 07/23/2015 |
| Initial issue price | 99.96 |
| Coupon | 6.75% |
| Coupon frequency | 2 time(s) per year |
| Settlement date | 07/28/2015 |
| Maturity date | 04/28/2028 |
Second Bond Pricing
| Issuer, issue number | Jamaica, 7.875% 2045, USD |
| Type of debt instrument | International bonds |
| Issue status | outstanding |
| Type of placement | Public |
| Par, currency of issue | USD 200,000 |
| Amount | 650,000,000 |
| ISIN | US470160CB63 |
| End of placement | 07/23/2015 |
| Initial issue price | 100 |
| Yield at pricing | 7.875 |
| Coupon | 7.875% |
| Coupon frequency | 2 time(s) per year |
| Settlement date | 07/28/2015 |
| Maturity date | 07/28/2045 |
Dominica Republic went into the market at got rates at least 1.025 & 1.25% better than Jamaica
Hmm
Rather interesting
Warren's Blog 
the comparison could be further improved….whats the fiscal impact in the respective jurisdictions?