El Salvador Pays Back $800M Maturing Bond, President Nayib Bukele Says

Policy

El Salvador’s $800 million bond issue set to mature Jan. 24, 2023 has been repaid with interest, the country’s President Nayib Bukele said on Twitter.

The country’s Finance Minister Alejandro Zelaya, confirmed the same news via his Twitter account.

“In the past year, almost every legacy international news outlet said that because of our ‘Bitcoin bet,’ El Salvador was going to default on its debt by January 2023 (since we had an 800 million dollar bond maturing today),” Bukele said. “Literally hundreds of articles,” he added, before posting a number of them.

Bukele then noted that to this point he’s only been able to find one article (from a Colombian newspaper) that’s published news of the repayment.

Earlier this month, the Legislative Assembly of El Salvador approved a law that will serve as a legal framework for the issuance of the country’s long-delayed bitcoin-backed bond, also known as the Volcano Bond.

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