Paraguay launched a tender to buy back its 5% bonds due 2026 and 4.7% bonds due 2027, with a combined total of USD 832 mln. The offer is contingent on the successful issuance of new debt securities, and the new issuance is expected to include both USD and PYG-denominated bonds. High participation would reduce Paraguay’s debt service burden for the next four years, keeping annual debt service below 0.7% of GDP.