El Salvador Issues $ 653 Million in Bonds
The Salvadoran government placed $ 653 million in bonds in the international market on January 25 .
Wednesday, January 26, 2011
The acquisition was announced at 9:30 am local time (10:30 New York time) and three hours later, demand had reached $ 1,628.9 million, more than double the amount offered by El Salvador, reflecting the strong international interest in acquiring the Salvadorans bonds.
The deterioration of public finances has forced the offering of a yield of 7.15% at 30 years, 4.44% above the US Treasury bond rate for the same time time period, with offers received for $3.5 billion.
The operation, conducted in the local market, will help finance the country’s “Program for Supporting Social Policies”.
The interest rates on these bonds will be 4.5% for 12 years and 5.75% for 30 years.
The government is working on a bond issue in the international market for $1 billion, with terms of between 10 and 30 years.
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