The President of El Salvador, Nayib Bukele announced on Twitter that he has tabled two bills with lawmakers on plans to buyback its dollar-denominated bonds due 2023 and 2025. The “transparent, public and voluntary” offer will be at market prices and expected to start in six weeks. The Latin American nation’s Finance Minister Alejandro Zelaya said that buyback will be funded by Special Drawing Rights (SDRs), multilateral funding and a new bond deal with the central bank, Bloomberg reported. He further added that available $560mn will be used to buy partial 2023 and 2025 sovereign bonds, with outstanding of $1.6bn. El Salvador’s 7.75% 2023s jumped 11 points to 86 cents on the dollar while its 5.875% 2025s jumped 12 points to 49 cents on the dollar after the announcement.

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