El Salvador: Tender results won't ease default concerns
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Government buys back US$82mn of bonds in its second tender offer
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Of this, US$63mn was in the 2023s (just 9.4% of the total outstanding) and US$19mn was in the 2025s (5% of outstanding)
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Default concerns will persist as expected as small operation does little to ease burden of the January maturity
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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").
The Analyst certifies that the views and forecasts expressed in this report accurately reflect their personal views about the subject, securities, or issuers specified herein. In addition, the Analyst certifies that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report.