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Bond Market News
El Salvador’s Dollar Bonds Rally on Preliminary Accord with IMF
August 8, 2024
El Salvador’s dollar bonds were up by over 2 points across the curve. This comes after the IMF announced that both have reached “preliminary understandings” to make economic growth and fiscal stability more forceful. The accord will set up an IMF supported program to strengthen El Salvador’s public finances, boost bank reserve buffers, enhance governance and transparency, and address risks related to bitcoin. The above understanding with the IMF comes as a positive update after recent doubts about whether they would secure an IMF program following US Presidential candidate Donald Trump’s comments. He had criticized El Salvador’s President Nayib Bukele’s policies to crack down on gang violence. Analysts noted that a possible change in their relationship may lead to difficulties in El Salvador securing an IMF program, assuming Trump wins the election.
El Salvador’s 7.65% 2035s were up 2.2 points to 74.6, yielding 11.9%.
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