El Salvador’s President Nayib Bukele recently said that he has repurchased a total of $565 million in 2023 and 2025 sovereign debt securities.
El Salvador Bought Back $565 Million Bonds
According to official information, El Salvador purchased 54% of the 2025 bonds for a total of 432 million dollars. On the other hand, it purchased 22.4% of the bonds due in 2023 for a total of 133 million dollars.
Bukele said the country will launch a new bid for the remainder of its 2023 and 2025 bonds in eight weeks. Bukele added that this will be done at “market prices” as in recent buybacks. According to Bukele, the initial buybacks saved the country more than $275 million.
El Salvador has successfully completed the first advance purchase operation of bonds maturing in 2023 and 2025; managing to repurchase bonds for more than $565 million.
And generated more than $275 million in savings for our country 🇸🇻 https://t.co/lT20GLG6nd
— Nayib Bukele (@nayibbukele) September 21, 2022
The bond buyback, which the country started on September 12, is seen as an attempt to dispel rumors that it will not be able to pay its debts. Central American country, specifically as a legal means of payment in September 2021 Bitcoin (BTC) It had strained relations with the traditional credit market after accepting it.
Last week, Fitch Ratings downgraded El Salvador’s long-term foreign-currency distributor default rating (IDR) from CCC to CC, indicating that the country is likely to default on its bonds due in early 2023.
El Salvador, one of the poorest countries in the world, made a worldwide impact by making BTC the official currency last year.
*Not investment advice.
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