El Salvador Says China ‘Offered to Buy’ Its External Bond Debt
- El Salvador official says next buyback will be in January
- Central American nation’s debt is trading deep in distress
A person counts Chinese yuan banknotes in Hong Kong.
Photographer: Xaume Olleros/Bloomberg
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El Salvador received an offer from China to help the Central American nation refinance its deeply distressed pile of foreign debt, according to President Nayib Bukele’s second-in-command.
“China has offered to buy all our debt, but we need to tread carefully,” Vice President Felix Ulloa told Bloomberg on the sidelines of an event in Madrid on Monday when asked about a potential debt restructuring. “We are not going to sell to the first bidder, we need to see the conditions.”