Yield-seeking investors everywhere are getting singed this week by the meltdown in Argentina’s markets following the victory of a populist candidate in the South American nation’s presidential primary election.

Argentina’s 8.75% dollar-denominated bond due in 2024 traded Tuesday for about 45 cents on the dollar, down from 73 cents before populist presidential candidate Alberto Fernandez soundly defeated pro-business incumbent Mauricio Macri in a primary election on Sunday, according to data from IHS Markit.