El Salvador launches purchase offer for remaining 2023-2025 external debt

El Salvador's President Nayib Bukele said on Tuesday that the small Central American nation launched a purchase offer for its remaining external debt due from 2023 to 2025.

"All holders of bonds of the Republic of El Salvador can access this voluntary repurchase," Bukele said on Twitter. The invitation for holders to submit offers to tender the notes for cash is "subject to an aggregate amount not to exceed $74 million," El Salvador said in a statement.

Bukele, however, added that "last time $46 million in offerings remained outstanding." In September, El Salvador said it would

spend the maximum $360 million allowed in its offer to repurchase bonds maturing in 2023 and 2025, underscoring that the discounted purchases resulted in the outstanding value of the bonds being reduced by $565 million.