Barclays Closes Out Ecuador, Vene Positions

Barclays Closes Out Ecuador, Vene Positions

Andean

Barclays is advising investors close out positions on Ecuador and Venezuela after the former announced it will use a 30-day grace period to decide whether to pay a $30m coupon on its 2012 global bonds, due November 15. The shop says although Venezuela has strong fundamentals, it may be affected by the headline risk related to Ecuador, falling oil prices and a challenging environment for sovereign credit globally. Ecuador’s announcement last week led ratings agencies to downgrade the sovereign. S

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