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El Salvador Completes $1bn Debt-for-Nature Swap Deal
October 17, 2024
El Salvador’s $1bn debt-for-nature swap deal was structured by JPMorgan, roughly equivalent to 14% of the nation’s debt. The new deal will help refinance a portion of El Salvador’s debt and also help fund the conservation of its wetlands. Under the terms of the deal, El Salvador has bought back $1.03bn of its outstanding bonds under its tender offer for which results were announced last week. The nature of the deal would see them generate over $352mn in savings, which will go towards protecting the Rio Lempa river and its surroundings over the next 20 years. The transaction is also backed by political-risk insurance provided by DFC, with the Development Bank of Latin America and the Caribbean also providing a $200mn standby letter of credit.
El Salvador’s dollar bonds traded steady with its 8.25% 2032s at 95.06, yielding 9.18%.
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