(MENAFN- Newsroom Panama) Panama bonds rose after the decision of the Supreme Court of Justice to declare that the candidacy of José Raúl Mulino is not unconstitutional, as reported by Bloomberg. According to the specialized media, the decision of the Supreme Court of Justice eliminates
a key risk for the markets. "The last-minute ruling was welcomed by investors and Panama dollar bonds led gains in emerging markets," the publication reports. Bloomberg adds that securities maturing in 2057 rose to
2.8 cents on the dollar. Siobhan Morden, fixed income manager for Latin America at Santander New York, said that the decision represents a slight rebound of relief and now investors' attention would shift to the support that Mulino may have in the Assembly, if he wins. Bloomberg describes José Raúl Mulino , standard bearer of Realizing Goals and Alliance, as a pro-business candidate . The Court's ruling, which was based on the defense of democracy, institutions and social peace, as well as the right to choose and be elected, made the curve reach its best rise.
Before the ruling, financial services company Barclays had recommended its clients sell Panama bonds and purchase the
country's
five-year credit default swaps.
Strategist Jason Keene had warned that if the court disqualified Mulino, or questioned his electoral standing, the damage to Panama's institutional credibility would be dealt a new blow.
Mulino enters the May 5 elections as the favorite, after leading all the polls since he became the presidential candidate.
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