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Bond Market News
El Salvador Plans Offshore Bond Issuance, Buyback of Dollar Bonds
April 9, 2024
El Salvador has offered to buyback its dollar bonds due 2025, 2027 and 2029, as per a statement. This adds to two dollar bond buybacks it has completed in recent years as part of President Nayib Bukele’s efforts to regain investor confidence. Oren Barack, MD of fixed income at Alliance Global said, “Bonds should react positively over the coming weeks as further details of the buy-back emerge”. There were no details yet regarding how much of the notes they plan to buy back.
Separately, El Salvador is said to have hired bankers for the issuance of a potential offshore bond, as per sources. The sources note that the issuance of an amortizing, macro-linked dollar bond may happen amid the decline in sovereign risk premium by 70bp this year to 6.1%, as per Bloomberg. El Salvador last issued dollar bonds in July 2020, by raising 1bn via a 9.5% bond due 2052, that currently trades at 85.5, yielding 11.2%.
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