El Salvador bonds claw back losses after downgrade

Dollar bonds issued by El Salvador were closing higher on the day recovering partially after Fitch downgraded the sovereign on Tuesday and warned of increasing default risks.

The 8.625 percent 2029s, which were issued in February, were closing the day at around 99.35-100.35 after dropping to an intra-day low of 97.75-98.75 from an opening price of 99.00-100.00, according to a trader. Prices however were still far off a recent high of 104.90 seen on April 5, according to Thomson Reuters.

Source: Reuters