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El Salvador legislators approve $800 million bond

Monday, October 22, 2012

El Salvador's Congress has approved an $800 million sovereign bond issue to enable the government to pay off early debt the country contracted in 2003.

Congress unanimously approved the planned bond issue late on Thursday to pay back 20-year Eurobond debt issued by the government of ex-president Francisco Flores in 2003.

That debt was issued with a put clause which would enable investors to redeem their bonds in January 2013.

Source: Reuters