The post El Salvador to Launch New Offering in 8 Weeks, Buys Back $565M Worth of Bonds appeared first on Coinpedia Fintech News
On Wednesday, President Nayib Bukele said that El Salvador has purchased back a part of its sovereign debt bonds maturing in 2023 and 2025 totaling $565 million. El Salvador purchased 54% of the bonds maturing in 2025 for a total of $432 million and 22.4% of the bonds maturing in 2023, for a total of $133 million. The bond repurchase can be presumed as an attempt by the country to dismiss the rumors of a potential default on its debt.
Bukele revealed the initial repurchases have helped the country save more than $275 million. Bukele also disclosed that El Salvador will be launching a new offer for the remainder of the 2023 and 2025 bonds in eight weeks.