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El Salvador to Launch New Offering in 8 Weeks, Buys Back $565M Worth of Bonds

Written by: Qadir AK

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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Sep 22, 2022

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On Wednesday, President Nayib Bukele said that El Salvador has purchased back a part of its sovereign debt bonds maturing in 2023 and 2025 totaling $565 million. El Salvador purchased 54% of the bonds maturing in 2025 for a total of $432 million and 22.4% of the bonds maturing in 2023, for a total of $133 million. The bond repurchase can be presumed as an attempt by the country to dismiss the rumors of a potential default on its debt.

Bukele revealed the initial repurchases have helped the country save more than $275 million. Bukele also disclosed that El Salvador will be launching a new offer for the remainder of the 2023 and 2025 bonds in eight weeks.

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