International
Bukele launches offer to buy back El Salvador’s sovereign debt
The president of El Salvador, Nayib Bukele, launched a buyback offer for the country’s sovereign debt maturing between 2025 and 2029, for about US$1.75 billion.
In a statement released by Bukele it is stated that the offer will be valid between April 8 and 15, 2024. (Photo Prensa Libre: EFE)
“Today we have launched the buyback offer for our external debt, which matures from 2025 to 2029,” the president wrote in his account on the social network X.
Today we have launched the RE PURCHASE offer of our EXTERNAL DEBT, which expires from 2025 to 2029 🇸🇻
All those who own bonds of the Republic of El Salvador can access this public and voluntary repurchase.
More information here: https://t.co/LSXxN7cZjX
— Nayib Bukele (@nayibbukele) April 8, 2024
“All those who own bonds of the Republic of El Salvador can access this public and voluntary repurchase,” he added.
The buyback offer will be valid from this Monday until April 15, according to the note published by Bukele.
It says that El Salvador launched “an invitation for each holder to submit offers to exchange the bonds for cash.” For accepted offers, the country will pay “the accumulated interest and any premium related to these bonds.”
The amount of the bonds maturing in 2025 is about US$348 million, those in 2027 are US$800 million and those in 2029 are US$601 million. There is no expiration in 2026.
According to the Central Reserve Bank, El Salvador’s public debt amounted to US$34,15 million at the end of 2023, equivalent to 82% of Salvadoran GDP.
Bukele, who was re-elected in February favored by his crusade against gangs, has promised that in his new five-year term, which will begin on June 1, his efforts will be focused on boosting the economy.
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