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Bond Market News
El Salvador’s Bonds Inch Up During the Week
March 6, 2023
Dollar bonds of El Salvador rose by over 7% across the curve last week. The country had gone ahead with passing a law allowing for issuing bitcoin bonds despite backlash from international institutions like the IMF. However, despite some backlash, the IMF noted recently that risks over El Salvador’s plan of embracing bitcoin “have not materialized due to the limited bitcoin use so far”. The IMF highlighted the “full recovery” of the nation’s economy to pre-pandemic levels and said that it was “driven by the effective government response to the health crisis”. El Salvador’s real GDP is expected to grow by 2.4% YoY in 2023as per the IMF.
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