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Bond Market News
El Salvador Prices $1bn 30Y Bond at 9.65%; Launches Buyback for Five Dollar Bonds
November 15, 2024
El Salvador raised $1bn via a 30Y bond at a yield of 9.65%, ~10bp inside initial guidance of the high 9%s. The notes are rated Caa1/B-/CCC+. Proceeds will be used to fund the buyback of the notes tendered and accepted for its pursuant tender offer, and to pay direct obligations of the Ministry of Finance with respect to its approved budget. The details of its buyback offer are given below:
- 6.375% 2027s at a purchase price of $994.66, per $1,000 in principal
- 8.625% 2029s at a purchase price of $1,008.30, per $1,000 in principal
- 9.250% 2030s at a purchase price of $1,025.65, per $1,000 in principal
- 8.250% 2032s at a purchase price of $952.43, per $1,000 in principal
- 7.625% 2034s at a purchase price of $871.54, per $1,000 in principal
The offer will expire on 18 November 2024 and El Salvador will pay the purchase price plus accrued interest. The total amount of notes it plans to buy back have not been determined. It can choose to buy back any or all the bonds tendered under the offer.
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