Ecuador cuts costs on retap

Ecuador cuts costs on retap

Bonds Debt Capital Markets Corporate & Sovereign Strategy Economy & Policy Fixed Income Ecuador Andean

Ecuador has added $1.13bn to its 2029 notes, lowering its funding costs on the retap and raising money to buy back its 10.5% 2020 bonds, LatinFinance has heard. The bookrunners Citi, Deutsche Bank and JPMorgan placed the additional 2029s at 9.05%, down from the 10.75% that Ecuador paid when it first issued $1bn in 10-year notes in January. In the buyback, the Ecuadorean government said it has offered to pay $1,060 for every $1,000 in 2020 bonds through June 17. The government sold $750m in five-

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