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Bond Market News
El Salvador’s Dollar Bonds Move Higher Amid Bitcoin Law Change, IMF Deal Nears
January 31, 2025
El Salvador’s dollar bonds rose by over 1.5-2 points across the curve as lawmakers approved changes to the nation’s Bitcoin policy This is seen as a key development needed to secure its planned $1.4bn IMF deal over the coming weeks. The changes now give a choice for businesses to accept or reject Bitcoin as a payment method, making it a voluntary form or payment. It also requires the government to pay its domestic and foreign obligations in the currency they were issued. The country has 6,049 Bitcoin in its reserves, totaling about $636mn. For context, El Salvador became the first country to adopt Bitcoin as legal tender in addition to the US dollar, in 2021.
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