November 19, 2019
Bonds issued by Ecuador dropped to new lows on Monday after the National Assembly voted against a package of economic reforms meant to increase government revenues.
The country's 7.875% 2028 notes fell 9 cents on the dollar to 77 cents, while its 9.5% 2030 bonds dropped 11 cents to 82 cents, according to press reports.
On Sunday, the legislature had rejected a tax bill backed by President Lenín Moreno by a vote of 70 to 32 with 31 abstentions. The bill, which included a corporate tax increase, w
Government faces a $1.6 bln funding gap in 2020 and a "challenging" debt repayment schedule in 2022, according to Moody's