Scotiabank assists El Salvador to raise US$1billion

Scotiabank’s Global Banking and Markets New York office acted as Joint Bookrunner and Billing & Delivery Agent for the transaction. The bonds, which have a yield of 9.5%, become due in 2052.

Commenting on the bond issue vice president of Scotia Capital Markets in Jamaica, Sarah Cumming said: “The El Salvador issuance underscores the importance of Scotiabank’s global expertise and distribution network for sovereigns in the region to price and place new issues with seamless execution.

El Salvador and Jamaica are both single-B rated issuers and so the success of the transaction is evidence that there are significant advantages when an issuer chooses to partner with a market leader like Scotiabank. In this instance, El Salvador established its longest benchmark bond on their curve and raised the largest single-B bond within Latam and the Caribbean since the beginning of the COVID crisis. This is the second consecutive transaction Scotiabank has led for El Salvador.”

Scotiabank has recently assisted several private companies and governments to raise funds in the international capital markets including Ultrapar, Empresas Publicas de Medellin, Petrobras, Republic of Chile, Metro de Santiago, Codelco, Raizen, Ecopetrol, VTR and Nexa Resources.