Bitcoin enthusiast and El Salvador President Nayib Bukele announced plans to repurchase some of the country’s dollar-denominated bonds. This strategic move aims to trim El Salvador’s external debt, further reducing fears of a potential default for the small Central American country. The bonds targeted for repurchase include the 5.875% due in 2025, 6.375% due in 2027 and 8.625% due in 2029. Over the past year, these bonds have shown remarkable recovery, particularly the 2029 bond, which climbed from 50 cents on the dollar to 90 cents. The decline in the sovereign risk premium — now 6.2 percenta…