Bonds
Dominican Republic Bonds Slump After President Pulls Tax Bill
- Sovereign bonds fell across the curve as much 2.6 cents
- Fiscal bill faced backlash at Congress, sparked protests
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Dominican Republic’s bonds fell after President Luis Abinader withdrew a bill that aimed to increase tax collection, dampening hopes the nation will be upgraded to investment grade.
Dollar notes paced emerging-market losses on Monday, with those maturing in 2060 losing as much 2.6 cents on the dollar to trade below 90 cents, according to indicative pricing compiled by Bloomberg.