El Salvador's Bitcoin Bet Pays Off As Bonds Skyrocket With 70% Returns
Portfolio Pulse from Murtuza Merchant
El Salvador's embrace of Bitcoin has led to a bond rally with 70% returns, attracting investors who had previously avoided the country's securities. These returns are the highest among dollar bonds from emerging markets in 2023. JPMorgan Chase & Co, Eaton Vance, and PGIM Fixed Income have recommended or purchased the debt, anticipating further growth. Other firms including Lord Abbett & Co LLC, Neuberger Berman Group LLC, and UBS Group AG have also added the debt since April.
August 16, 2023 | 3:39 pm
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POSITIVE IMPACT
Eaton Vance has recommended or purchased El Salvador's debt, anticipating further growth.
Eaton Vance's decision to recommend or purchase El Salvador's debt indicates a positive outlook on the country's economic prospects following its adoption of Bitcoin. This could potentially lead to increased investor confidence in Eaton Vance.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
JPMorgan Chase & Co has recommended or purchased El Salvador's debt, anticipating further growth.
JPMorgan's decision to recommend or purchase El Salvador's debt indicates a positive outlook on the country's economic prospects following its adoption of Bitcoin. This could potentially lead to increased investor confidence in JPMorgan.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
UBS Group AG has added El Salvador's debt since April, reflecting a shift in investor sentiment towards the country's economic prospects.
UBS Group's decision to add El Salvador's debt to its portfolio indicates a positive outlook on the country's economic prospects following its adoption of Bitcoin. This could potentially lead to increased investor confidence in UBS Group.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80