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Dollar bonds of Ecuador gained by up to 1.9 points after a report that negotiations with the IMF were likely to begin soon. Its dollar bonds have been trending higher since last week after a source reported that the President, Daniel Noboa said that his government expects to reach a deal with the IMF in the next two months. Separately, Barclays strategists upgraded their recommendation on the Ecuador’s notes to overweight. They noted, “The IMF agreement will support recovery values and we think there is ‘optionality’ in current valuations”.
Its 6% 2030s were up 1.8 points to trade at 67.24, yielding 18.92%