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Ecuador is planning its first international bond sale since 2019, aiming to raise up to $4bn, potentially as soon as next week, according to sources. The government is considering a multi-tranche offering, possibly including 7Y and 12Y bonds, and may also add a 30Y maturity, though plans are not yet final. Finance Minister Sariha Moya said the government expects yields below 10%, inline with 7-9% yields on Ecuador’s outstanding dollar bonds. The potential deal comes amid strong emerging-market issuance, with EM sovereigns selling $65bn in hard-currency debt so far this year, up over 75% YoY, as per Bloomberg. Ecuador had restructured $17.4bn of its debt during the pandemic. Its dollar bonds have been standout performers over the last year as seen in the chart below, following President Noboa’s victory in April.

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