JPMorgan wraps up US$1bil deal for El Salvador

Under terms of the deal, El Salvador has repurchased US$1.03bil worth of its outstanding bonds at discounts to par. — Bloomberg

NEW YORK: JPMorgan Chase & Co has structured a US$1bil deal for El Salvador, equivalent to roughly 14% of its debt, in an arrangement that allows the country to refinance a portion of its debt and help fund the conservation of its wetlands.

The transaction, which marks JPMorgan’s first foray into the market for debt-for-nature swaps, was arranged together with the US International Development Finance Corp (DFC), El Salvador and DFC said in a statement shared with Bloomberg.