Bonds
Bitcoin-Touting Bukele’s Bond Rally Draws JPMorgan, Eaton Vance
- El Salvador global bonds have returned over 70% this year
- President has signaled willingness to pay sovereign debt
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El Salvador President Nayib Bukele scared off many on Wall Street by embracing Bitcoin. Two years later, the bond rally he’s overseeing is proving too lucrative to resist.
Eye-popping 70% returns — the best among dollar bonds from emerging markets this year — are attracting investors who were once cautious or avoiding the securities altogether. JPMorgan Chase & Co, Eaton Vance and PGIM Fixed Income are among those who have recommended or bought the debt, betting it will continue climbing.