The President of El Salvador, Nayib Bukele, announced today that the country had completed the repurchase of its foreign debt securities for more than US$565 million.
“El Salvador has successfully completed the first operation of early purchase of bonds maturing in 2023 and 2025. It has managed to repurchase bonds for more than US$565 million,” the president said on social media, adding that this will allow the state to save US$275 million.
Purchases of US$133.04 million were accepted for bonds maturing in January 2023.
This represents 22.44 percent of the US$800 million in debt incurred by the government of former President Francisco Flores (1999-2004).
For the other bonds maturing in 2025, the offer was US$432.5 million, representing 54 percent of the US$800 million debt acquired by the government of former President Mauricio Funes (2009-2014).
The president announced that the government would make a new offer for the sale of the remaining 2023 and 2024 bonds.
He added, “Always in a public, transparent manner and at market prices at the time of the buyback, which will take place in eight weeks.”
On September 12, the Salvadoran president made the offer to repurchase foreign bonds maturing in 2023 and 2025 for the equivalent of US$1.6 billion.