Ecuador To Buy Back Up To $650 Million Debt

Ecuador To Buy Back Up To $650 Million Debt

Bonds

Ecuador is to buy back between $400 million and $650 million, or just over five years' worth, of its global 2012 bond by May next year (it is obliged under its default terms to repurchase at least $125 million every year from 2006). The sovereign wants to lower its debt financing costs and the interest rates on the 2012 are proving costly. If it does buy back $650 million of the bonds, it will save itself $17 million over the next five years. Ecuador will finance the buyback using part of the mo

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