Ecuador Plans Exchange, New Bond

Ecuador Plans Exchange, New Bond

Ecuador Bonds

Ecuador plans to launch an exchange offer to holdouts from its 2008 default, clearing the way for a $400m-$500m new bond issue in the coming year, the country’s deputy finance minister Fausto Herrera tells LatinFinance. “We’re going to do a new offer in the first semester of this year to resolve the holdouts,” Herrera says, adding the terms would be “a little more favorable” than its previous exchange offer in 2009, when it repurchased about $3.2bn in defaulted bonds at 35 cents on the dollar. “

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