El Salvador took advantage of September’s bumper national debt sales to refinance its external debt through a special purpose entity via JPMorgan Chase. Putting its entire $7.2 billion external debt for tender, the country eventually agreed to buy back $1.03 billion, or 14% of its bonds set to mature between 2027 and 2052. Bonds with earlier maturity dates are more popular for resale by bondholders. The platform, provided by JPMorgan Chase, is a debt-for-nature swap of significant proportions. “