El Salvador Mandates

El Salvador is heard awarding a mandate for a potential international bond transaction to Citi and Deutsche Bank, according to sources familiar with the borrower’s plans. The government is considering a sale before year-end or early next year, under an $800m authorization. Earlier this month, Moody’s lowered El Salvador’s rating to Ba3 from Ba2, while in July, Fitch lowered the outlook on its BB rating to negative from stable.