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Bond Market News

El Salvador’s Dollar Bonds Slip After Top Judges, Prosecutors Fired

May 4, 2021

El Salvador’s sovereign debt tumbled as President Nayib Bukel’s party seized control of the country’s Supreme Court, removing all judges and the top prosecutor. El Salvador’s dollar bonds fell between 7 and 10 points, including the 2029s and 2032s that are down almost 10 points each and yield over 8% for the first time in more than two months. Sunday’s vote had Attorney General Raul Melara dismissed and saw the approval of a new legislation to oust all judges in the constitutional chamber of El Salvador’s Supreme Court. U.S. Vice President Kamala Harris said that an independent judiciary was “critical to a healthy democracy – and to a strong economy.”

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