This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
Bond Market News
El Salvador Offers to Buy Back Dollar Bonds Again
November 13, 2024
El Salvador is offering to buy back its dollar bonds again, for a third time this year. It is planning to buy back its notes due from 2027 to 2034, with a combined principal of over $2.5bn. While the sovereign did not disclose how the buyback will be financed, sources suggest that it will rely on new funding. Earlier in April, it first bought back $487mn in bonds after raising $1bn in new debt. Again last month, it launched a debt-for-nature swap, buying back $1bn in notes at a discount and directing the savings toward environmental conservation. The nation’s dollar bonds have been among the best performers following the US elections. As Bloomberg notes, El Salvador’s bonds are up 4.7% since then, outpacing most EM nations except Ukraine. They note that its bonds are perceived as a “Trump trade”, noting that the relations between both Presidents could facilitate closer ties and possibly secure an IMF loan. Earlier, the IMF highlighted its concerns about El Salvador’s use of Bitcoin as legal tender, with the country’s Bitcoin holdings having grown to $515mn since 2021.
El Salvador’s dollar bonds were trading positive, with its 8.25% 2032s up 0.7 points to 96.6, yielding 8.9%.
For more details, click here
Go back to Latest bond Market News
Related Posts:El Salvador’s Bonds Rally After President Remarks on FY2025 Budget
September 17, 2024
El Salvador’s Dollar Bonds Rally on Debt Swap Tender Offer
October 8, 2024
El Salvador Announces Tender Offer Results
October 14, 2024
BondbloX Pte. Ltd. is regulated by the Monetary Authority of Singapore as a Recognised Market Operator ("RMO") and exempted from Section 49(1) of the Securities and Futures Act (Cap. 289) ("SFA") under Section 49(7) of the SFA.