LatinNews Daily - 13 September 2022

In brief: El Salvador launches debt repurchase offers

*El Salvador’s government led by President Nayib Bukele has issued an offer to repurchase part of the country’s sovereign debt bonds maturing in 2023 and 2025. This follows President Bukele’s announcement back in July of the repurchase plan as part of efforts to assuage fears regarding a potential default amid the impact of the government’s decision to adopt the cryptocurrency bitcoin as legal tender last year. According to a government press release, El Salvador established a purchase price of US$910 for the bonds maturing in 2023, and US$540 for those bonds maturing in 2025. Each bond is worth a total of US$800m. According to the same statement, the bond repurchase offer will be available between 12-20 September, with the “settlement of validly tendered and accepted notes…scheduled to occur on or about 22 September”.

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