Countries › Dominican Republic › Guide › 10. Capital markets and finance › Corporate bonds and debt programmes in the Dominican Republic
Corporate bonds and debt programmes in the Dominican Republic
Last verified: 2026-10-30 · Status: Stable
Bonds are títulos that give equal rights per nominal value in an issue; the extraordinary shareholders' meeting authorizes them and can delegate for five years. Public programmes stay open up to two years plus one. Holders form a legal mass with a representative, and retail investors get priority on up to 30% of investment grade issues.
USD figures use the Banco Central de la República Dominicana reference selling rate of RD$60.9007 per US dollar for 29 October 2026, rounded to the cent.
Key facts
| Programme validity | 2 years, plus one year extensionR-CNMV-2019-24-MV art. 46, as of 2026-10-30 · in force |
|---|---|
| Small investor preference | 30 % of issueR-CNMV-2019-24-MV art. 48, as of 2026-10-30 · in force |
| Maximum placement period | 15 working daysR-CNMV-2019-24-MV art. 44, as of 2026-10-30 · in force |
| Reference selling rate used for USD conversions | 60.9007 DOP per USDBanco Central reference rate, as of 2026-10-29 · in force |
The rule
1. Obligaciones are negotiable securities that confer the same credit rights for equal nominal value in an issue.Ley 479-08 de Sociedades Comerciales, art. 322, 2008-12-11 official text · verified 2026-10-30
2. Only the extraordinary general meeting may decide or authorize an issue, and it can delegate powers to the board for one or more issues within five years.Ley 479-08 de Sociedades Comerciales, art. 324 and art. 325, 2008-12-11 official text · verified 2026-10-30
3. A company cannot secure its own bonds with its own bonds.Ley 479-08 de Sociedades Comerciales, art. 327, 2008-12-11 official text · verified 2026-10-30
4. Holders of an issue form by law a mass with civil legal personality, and are represented by mandataries; in public issues they may be named in the issue contract.Ley 479-08 de Sociedades Comerciales, art. 329, art. 330 and art. 334, 2008-12-11 official text · verified 2026-10-30
5. A representative of bondholders is mandatory in public offerings.Ley 249-17 del Mercado de Valores, art. 231, 2017-12-19 official text · verified 2026-10-30
6. Fixed income public issues can be sold in programmes. The validity period may not exceed two years, extendable once by up to one year on a reasoned request.Reglamento de Oferta Pública, R-CNMV-2019-24-MV (mod. R-CNMV-2022-16-MV), art. 46, 2019-10-15 official text · verified 2026-10-30
7. The placement period may not exceed 15 working days from its start, except for firm underwriting.Reglamento de Oferta Pública, R-CNMV-2019-24-MV (mod. R-CNMV-2022-16-MV), art. 44 and paragraph V, 2019-10-15 official text · verified 2026-10-30
8. In investment grade fixed income offers to the general public on a best efforts or guaranteed basis, small investors get preference on up to 30% of the issue, except in auctions.
Example: RD$300,000,000 of a RD$1,000,000,000 issue / US$4,926,051.75 of US$16,420,172.51Reglamento de Oferta Pública, R-CNMV-2019-24-MV (mod. R-CNMV-2022-16-MV), art. 48 and paragraph III, 2019-10-15 official text · verified 2026-10-30
Example: RD$300,000,000 of a RD$1,000,000,000 issue / US$4,926,051.75 of US$16,420,172.51Reglamento de Oferta Pública, R-CNMV-2019-24-MV (mod. R-CNMV-2022-16-MV), art. 48 and paragraph III, 2019-10-15 official text · verified 2026-10-30
9. A small investor is an individual subscribing up to RD$5,000,000 in an issue, indexable annually, or the equivalent in foreign currency.
Example: RD$5,000,000 / US$82,100.86Reglamento de Oferta Pública, R-CNMV-2019-24-MV (mod. R-CNMV-2022-16-MV), art. 48 paragraph I, 2019-10-15 official text · verified 2026-10-30
Example: RD$5,000,000 / US$82,100.86Reglamento de Oferta Pública, R-CNMV-2019-24-MV (mod. R-CNMV-2022-16-MV), art. 48 paragraph I, 2019-10-15 official text · verified 2026-10-30
10. Unit denomination is RD$100, or US$1 for foreign currency issues.Reglamento de Oferta Pública, R-CNMV-2019-24-MV (mod. R-CNMV-2022-16-MV), art. 49, 2019-10-15 official text · verified 2026-10-30
11. Offers only to institutional or professional investors in both primary and secondary markets have a simplified regime with a short prospectus.Reglamento de Oferta Pública, R-CNMV-2019-24-MV (mod. R-CNMV-2022-16-MV), art. 26, 2019-10-15 official text · verified 2026-10-30
12. Institutional investors are financial entities, insurers, pension fund managers, fund managers, brokers, trustees, securitizers and legally authorized managers of third party assets.Ley 249-17 del Mercado de Valores, art. 3 numeral 21, 2017-12-19 official text · verified 2026-10-30
13. Small and medium enterprises may issue fixed income with two years of financial information, the last year audited, plus interim statements.Reglamento de Oferta Pública, R-CNMV-2019-24-MV (mod. R-CNMV-2022-16-MV), art. 34, 2019-10-15 official text · verified 2026-10-30
14. Banks may grant real security for issues of debt securities as an exception to the general ban on charging their portfolio.Ley 183-02 Monetaria y Financiera, art. 45 literal g, 2002-11-21 official text · verified 2026-10-30
15. Interest paid to non residents is taxed by withholding; for securities the central depository is the withholding agent for resident individuals.Código Tributario, Ley 11-92, art. 306 and art. 306 bis, 1992-05-16 official text · verified 2026-10-30
Worked example
- An investment grade RD$1,000,000,000 (US$16,420,172.51) issue to the public must offer up to RD$300,000,000 (US$4,926,051.75) with preference to individuals subscribing up to RD$5,000,000 (US$82,100.86) each. At RD$100 unit value that issue is 10,000,000 units.
Step by step
- Get extraordinary meeting approval and delegation to the board.
- Mandate structurer, rating agency and bondholder representative.
- File a programme and prospectus with the regulator.
- Publish the notice for each issue and place within 15 working days.
- Report placement as a relevant fact and keep servicing and reporting up to date.
Common traps
- S.R.L. and S.A.S. issuers may only use fixed income and must meet Ley 249-17 art. 46.
- Unplaced programme amounts become void at expiry and leave the register.
- Art. 323 of Ley 479-08 was repealed by Ley 31-11, so older commentary on a two year waiting period is out of date.
Sources
Related pages
- finance/public-offerings-and-listings
- finance/securitization
- taxes/interest-withholding
- finance/capital-markets-tax-treatment
- entities/sociedad-anonima
Related: Dominican Republic country profile · live dashboard · central bank and release calendar · our posts on X
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