El Salvador's dollar debt dives on Bitcoin bond plans

El Salvador's dollar debt dives on Bitcoin bond plans


El Salvador’s dollar-denominated bonds have fallen to an all-time low as the Central American nation’s debt started trading in “distressed territory” this week. 

El Salvador’s USD bonds fell to 64.4 cents to the dollar on Monday, Nov. 22, following the weekend news that the Central American country would use Bitcoin (BTC) bonds to fund its Bitcoin City initiative. Dollar bonds have fallen steadily since April 2021 when they topped $1.10 according to Bloomberg data.

A dollar-denominated bond is a bond issued outside of the United States by a foreign company or government, that is denominated in USD instead of their local currency.

Trending: Looney Bette Midler Wants Trump Arrested for ‘Trying to Kill’ Biden

Monday’s drop resulted in the country’s debt becoming among the worst performers in global trading, Bloomberg reported. Investors are concerned that President Nayib Bukele has

Continue reading

You Might Like

 

Join the conversation!

Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!

Thanks for sharing!
Send this to a friend