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.

“Although we missed a significant share of the rally, we still think there’s value across El Salvador’s curve,” JPMorgan research strategists Ben Ramsey, Nishant Poojary and Gorka Lalaguna wrote in a July note, moving overweight on the debt. “There’s room for this credit to keep outperforming.” https://www.bloomberg.com/news/articles/2023-08-15/bitcoin-touting-bukele-s-bond-rally-draws-jpmorgan-eaton-vance