El Salvador Launches 2 Debt Repurchase Offers Amid Uncertainty Over Its Bitcoin

[Rakin343]

The government of El Salvador issued an offer on Monday to buy back a portion of its sovereign debt bonds maturing in 2023 and 2025, the Central American country said in a statement.
El Salvador established a purchase price of $910 for the bonds maturing in 2023, and a $540 price for those bonds maturing in 2025. Each bond is worth a total of $800 million.In July, when El Salvador’s President Nayib Bukele presented the repurchase plan, it was seen as an attempt to counter speculation about a potential default by El Salvador amid strained relations between the Central American country and the traditional credit market, particularly after El Salvador established bitcoin (BTC) as legal tender in September 2021.
As of now, El Salvador is down roughly 50% on its sizable investments in bitcoin, representing a potential loss of $52.4 million, according to CoinDesk data based on Bukele's announcements. source