Government Bonds and Public Debt of El Salvador
Public debt at the end of 2025
| Item | USD million |
|---|---|
| Non-financial public sector debt, excluding pensions | 21,267.0 (57.9% of GDP) |
| Of which Eurobonds | 8,009.7 |
| Of which LETES | 1,078.6 |
| Of which CETES | 80.0 |
| Pension certificates (CFT and COP) | 11,241.1 |
| Total including pension certificates | 32,508.1 (88.6% of GDP) |
| GDP used for the ratios | 36,708.1 |
Source: Ministry of Finance: Non-financial public sector debt, December 2025 (PDF, in Spanish)1
LETES: Treasury bills
- What they are: short-term Treasury bills issued at a discount (no coupon) by the Ministry of Finance.
- Where: auctioned on the Bolsa de Valores de El Salvador, on a published calendar.
- Amounts: minimum USD 5,000, in multiples of USD 100.
- Pricing: the reference rate is the 12-month CME Term SOFR.
- Tax: the yield is exempt from income tax.
- Example: the auction of 7 January 2026 offered USD 150 million.
Source: Bolsa de Valores de El Salvador: LETES features and calendar; Bolsa de Valores de El Salvador: LETES auction of 7 January 20262,3
To take part, open an account with a brokerage house that is a member of the exchange and ask it to bid for you at the next auction.2
Eurobonds
The Eurobonds are dollar bonds sold mainly to international investors. Some, such as the bond maturing in 2035 (EUROSV2035), can also be bought through local brokers on the BVES.1,7
Ratings and the IMF programme
- S&P Global Ratings: B-, stable outlook, affirmed on 27 August 2026.
- Fitch Ratings: B-, stable outlook, affirmed on 23 April 2026.
- Moody's: B3, with the outlook changed to positive in the first quarter of 2026, according to the Central American Monetary Council (SECMCA) as reported by Dinero.
- IMF: the 40-month programme approved in February 2025 supports fiscal consolidation; the IMF said in October 2026 that it had advanced broadly in line with the programme.
Source: S&P Global Ratings: El Salvador ratings affirmed (27 August 2026); Fitch Ratings: Fitch affirms El Salvador at B-, outlook stable (23 April 2026); Dinero: Moody's maintains B3 rating and improves outlook for El Salvador to positive, according to SECMCA; IMF: Executive Board concludes the second and third reviews under the EFF for El Salvador (1 October 2026)4,5,6,8
A B rating means the bonds are speculative grade. Yields are higher than on US Treasuries to compensate for that risk, and prices can move sharply. Seek advice from a licensed adviser before investing.4,5
Frequently Asked Questions
How does El Salvador borrow?
El Salvador borrows in US dollars, mainly through Eurobonds sold to international investors and short-term LETES auctioned on the Bolsa de Valores de El Salvador.
What is El Salvador’s public debt?
Non-financial public sector debt was USD 21,267.0 million (57.9% of GDP) at the end of 2025, or 88.6% of GDP including pension certificates.
What is the minimum investment in LETES?
The minimum investment in a LETES auction is USD 5,000.
Sources
- Ministry of Finance: Non-financial public sector debt, December 2025 (PDF, in Spanish)
- Bolsa de Valores de El Salvador: LETES features and calendar (in Spanish)
- Bolsa de Valores de El Salvador: LETES auction of 7 January 2026 (in Spanish)
- S&P Global Ratings: El Salvador ratings affirmed (27 August 2026)
- Fitch Ratings: Fitch affirms El Salvador at B-, outlook stable (23 April 2026)
- Dinero: Moody's maintains B3 rating and improves outlook for El Salvador to positive, according to SECMCA
- Bolsa de Valores de El Salvador: EUROSV2035 in the global market directory (in Spanish)
- IMF: Executive Board concludes the second and third reviews under the EFF for El Salvador (1 October 2026)
Figures checked 8 November 2026. Prepared by InvestSalvador.com for general information. It is not investment, tax or legal advice; please confirm details with a qualified adviser before acting.
