Ecuador plans exchange, new bond

Ecuador plans exchange, new bond

Ecuador plans to launch an exchange offer by June for holdout creditors from its $3.2 billion 2008 default, the country’s deputy finance minister Fausto Herrera has told LatinFinance. The exchange would clear the way for a sovereign bond issue of between $400 million and $500 million in the coming year, he added. “We’re going to do a new offer in the first semester of this year to resolve the holdouts,” Herrera said, adding the terms would be “a little more favorable” than its previous exchange

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