El Salvador’s $1 billion volcano bond has yet to hit the market, and the volatile international situation could be a key reason for the delay. El Salvador’s Finance Minister Alejandro Zelaya has previously said the bond sale could take place between March 15 and March 20, a process that could be slowed by the war between Ukraine and Russia.
But our tool is almost done. In fact, while lawmakers in El Salvador still have work to do on the bond, according to local newspaper La Prensa Gráfica, as of March 15, the laws needed for the bond had not been brought to Congress.
In November 2021, President Nayib Bukele announced plans to finance the construction of Bitcoin City by issuing bonds with an annual coupon rate of 6.5%. Half of the funds will be used to buy bitcoin, and the rest will be used for infrastructure and geothermal energy-powered bitcoin mining.