An agreement between El Salvador and a group of private local banks to reprofile its short-term debt has helped extend a stellar rally in its international bonds, which have returned more than 90% this year.
The government announced this week that it accepted the proposal by eight private banks to extend the maturities of short term local bills into new two, three, five and seven year notes.
⚠️ COMUNICADO: Ministerio de Hacienda acepta propuesta realizada por la banca privada para reperfilar deuda de corto plazo. pic.twitter.com/qlL1rtjJpF
— Ministerio de Hacienda (@HaciendaSV) September 4, 2023
The size of the operation is approximately $1.45 billion, the finance ministry told Reuters.
