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Dollar bonds of Ecuador were higher by 1.0-1.5 points across the curve. This comes after the assassination of presidential candidate Fernando Villavicencio is said to have led to markets interpreting it as a sign of possible stability in policy. The candidate was considered as someone who was opposed to reduce corruption, and his death is said to imply a lower likelihood of the return of Correismo, a leftist, anti-investor political philosophy. Ecuador has been facing political uncertainty following an an impeachment campaign against current President Guillermo Lasso, leading to trigger a snap vote. The presidential election will begin on August 20. As per Bloomberg, markets believe that there would not be an absolute majority in the August election, which would lead to a likely runoff election on October 15.
Ecuador’s 3.5% 2035s were up 1.4 points to 37.25 cents on the dollar, yielding 12.97%.
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