The El Salvadorian President Nayib Bukele announced that the country repurchased a part of its debt bonds worth $565 million.
El Salvador paid a total of $432 million for 54% of the bonds expiring in 2025. It also paid $133 million for 22.4% of the bonds expiring in 2023.
Just last week, El Salvador announced the invitation of offers to repurchase a portion of its sovereign debt bonds due in 2023 and 2025. Bukele was under pressure to show sound public finances as El Salvador’s options dwindled ahead of an $800 million bond maturation in January.
In eight weeks, according to Bukele, El Salvador will make a new offer for the remaining 2023 and 2025 bonds. It will be carried out at market prices, Bukele stated, similar to the most recent repurchase.
Nayib Bukele claims that the initial repurchases saved the nation more than $275 million. The pro-crypto President announced that he is running for re-election for a second five-year term as the president.
President Nayib Bukele’s bitcoin love was regarded by the media and a portion of the community as an effort to avert a default. With this repurchase, El Salvador reveals that it has adequate cash on hand to pay off debt before it matures.
