Ecuador shines in bond market return

Ecuador shines in bond market return

Bonds

Ecuador’s efforts to reach out to investors and strong appetite for high-yield debt paid off on Tuesday when the sovereign took $5bn in orders for a 7.95% $2bn bond that marked the country’s return to the international capital markets after defaulting in 2008. Caa1/B/B rated Ecuador had met investors in the US and UK in recent weeks, in a bid to regain their trust following the $3.2bn default. That rattled markets at the time, because the country had enough funds to honor its obligations. The ne

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