January 2023 debt is trading at 65 cents on the dollar...
For anyone not willing to do the math, getting that kind of return in 6 months is equal to 136% APY. ADDITIONALLY you get a 12% coupon (originally 7.75%, but prices on bonds fell which increases the coupon relative to what you're paying).
So Morgan Stanley is saying "things are horrible in El Salvador, but not quite 136% APY with 12% coupon bad."
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