El Salvador Plans New Bond

El Salvador is heard readying a new dollar bond for next year, according to DCM bankers. The sovereign, which returned to the markets in December 2009, is heard looking for about $700m at a 10-year maturity. Deutsche Bank and Citi are rumored to have won the mandate for a 1bp fee. El Salvador, rated Ba1/BB, raised $800m last year, paying 7.735% yield on a 2020 bond through Citi and JPMorgan.