El Salvador launches a second tender offer ahead of crucial January maturity
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El Salvador launches another cash tender offer for the 2023 and 2025 global bonds; deadline is 6 December
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However, despite willingness to pay a small premium, the small size of the tender offer doesn't really move the dial
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Default concerns will likely continue post-buyback, although a signal of willingness to pay may provide some reassurance
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").
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