(Bloomberg) -- El Salvador’s Fondo de Conservación Vial shelved a planned $500 million bond sale, the finance minister for the Nayib Bukele’s government confirmed.

Fovial was assessing demand for the bonds, which would have matured in seven years and may have yielded about 14.5%, according to people with knowledge of the transaction. Oppenheimer & Co. Inc. was arranging the transaction.

The government didn’t authorize the deal to close because the conditions proposed by the bookrunner — including the double-digit yields — weren’t convenient for the country, according to Finance Minister Jerson Posada.

A representative for Oppenheimer declined to comment.

Debt from El Salvador has handed investors returns of 106%, the best in emerging markets, according to a Bloomberg index. President Bukele has won over the credit market with dollar-note buybacks, a pension debt exchange and, most recently, the refinancing of local short-term securities.

Fovial, an El Salvador government-owned entity created in 2000, is in charge of developing, maintaining, and enhancing the nation’s road network. It’s funded by government taxes on gas — diesel fuel or any other mix — and from vehicle registration fees. 

The notes were slated to be rated at B-, or six levels below investment grade, S&P Global Ratings said in a Dec. 4 statement.

(Adds details of decision to pull the transaction in third paragraph and index level in fifth paragraph.)

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