The Dominican debt It has become more expensive because the yields demanded for bonds and bills have increased up to 72% this year, according to an analysis by the Regional Center for Sustainable Economic Strategies (CREES).
The sovereign bonds issued in the middle of last February already reflected the increase demanded by the markets in the face of greater risk.
Despite this higher coupon to issue them, the variations in the debt market since then indicate that these issues are 20% to 24% more expensive now, he says.
Yields of the letters of the central bank they went from 6.99 to 10.50 from January to August of this year, for a variation of 50.3%.
Meanwhile, five-year global bond yields rose from 3.63 to 6.25 from January 3 to August 16 this year.
The yields of US$3,564 million in seven-year sovereign bonds in February of this year went from 5.41 to 6.73, for an increase of 24.4%.
According to CREES, the years of cheap credit are over for the country, but the expansionary fiscal policy continues. Reality dictates the need spending control Y reduce public debt.
With data from the General Directorate of Public Credit and the Central Bank, CREES established that eleven-year sovereign bond yields rose from 5.99 to 7.21 from February to August of this year, which represents an increase of 20.4 percent.
The reference rate of the United States Federal Reserve (FED) It should be even higher in 2023, so bond yields will maintain levels higher than the current ones, said the executive vice president of CREES, an economist Miguel Collado DiFranco.
He highlighted that the yields of the reference bonds of the United States have begun to accelerate their increase since March, when the changes in the monetary policy of the Federal Reserve took place, both in its reference rate and in the reduction of its balance of assets. formed mainly by securities of the US Treasury Department.
The movement of the rates has generated an increase in the demanded return of the debt securities of emerging countries, including the Dominican Republic, said