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El Salvador raise $1bn via a 6Y bond at a yield of 12%, inside initial guidance of low 12% area. The notes are rated B-/CCC+ (S&P/Fitch). The coupon is 9.25% and the notes amortize beginning in 2028. If El Salvador fails to get at least two upgrades to a rating of B (currently at Caa3/B-/CCC+), or strike a deal for a loan package with the IMF by October 2025, the coupon will step-up to 4% from 0.25%. Proceeds will be used to (a) fund the repurchasing of notes tendered under its tender offer, (b) make interest and principal payments under its 2025s not otherwise repurchased through their maturity date, (c) pay direct obligations of the Ministry of Finance in accordance to its approved budget.