**El Salvador's February 2027 legislative election features a highly fragmented contest for second place behind the dominant Nuevas Ideas party.** Recent polls from IUDOP, Data Poll, and others project NI securing 51–56 of 60 seats due to sustained public support for security policies and President Bukele's popularity, leaving the remaining parties with low single-digit vote shares that rarely exceed 5%. ARENA, Vamos, PCN, PDC, FMLN, and GANA compete in this narrow band, with no consistent leader across surveys. Electoral reforms, including a new overseas constituency favoring NI and higher vote thresholds in departmental races, further constrain smaller parties' paths to seats. Candidate registration deadlines in October–November 2026, opposition primaries, and any regional mobilization could shift relative positioning among these contenders before voting occurs. Trader pricing reflects this uncertainty, with multiple parties clustered near even odds for the runner-up spot.