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Bond Market News
El Salvador’s Dollar Bonds Tick Higher
January 23, 2025
El Salvador’s dollar bonds rose by up to 1.5 points across the curve. While there was no specific news attributable to the move yet, the nation added 11 Bitcoin to its reserves, worth over $1mn. This new comes less than a month after it told the IMF that it would scale back its Bitcoin adoption by making such payments voluntary, in exchange for a $1.3-1.4bn IMF loan. However, in December itself, Stacy Herbert, the head of El Salvador’s National Bitcoin Office said that following the IMF deal, the nation would accelerate the pace of its Bitcoin accumulation. El Salvador had adopted Bitcoin as legal tender alongside the USD in September 2021.
El Salvador’s 8.25% 2032s were up 1.5 points to 99.7 cents on the dollar, yielding 8.31%.
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