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Bond Market News
El Salvador’s Bonds Rally After President Remarks on FY2025 Budget
September 17, 2024
El Salvador’s bonds jumped by 1-2 points across the curve after its President Nayib Bukele said that the FY2025 budget would not involve issuing new debt, signaling his plans for fiscal austerity. This will be a key step for the nation in unlocking a long-awaited program with the IMF. The FY2025 fiscal budget is slated to be presented by September 30, according to the President’s remarks. The announcement comes as markets were concerned over the government’s ability to meet payments, since the President failed to deliver a long-promised deal with the IMF. Earlier last month, El Salvador had reached a preliminary accord with the IMF. BofA also upgraded the country’s debt to overweight from market weight after an investor trip to the Central American nation.
Its 7.65% 2035s jumped by 1.9 points to 80.6 cents on the dollar, yielding 10.73%
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