Dominican Republic government issues a record $2.5 billion in bonds

The Dominican Republic has issued $2.5 billion in bonds, the largest amount in the country's history.

The administration of President Danilo Medina said in a statement late Tuesday that the bonds also were placed with a record low interest. Some $1 billion in bonds were issued at 5.5 percent interest while $1.5 billion in bonds were issued at 6.85 percent interest.

The government has not said how it plans to use the revenue generated by those bonds.

The Dominican Republic issued $2.25 billion in bonds last year to help reduce a large deficit.