El Salvador

El Salvador launches a second tender offer ahead of crucial January maturity

  • El Salvador launches another cash tender offer for the 2023 and 2025 global bonds; deadline is 6 December

  • However, despite willingness to pay a small premium, the small size of the tender offer doesn't really move the dial

  • Default concerns will likely continue post-buyback, although a signal of willingness to pay may provide some reassurance

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