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Bond Market News
Ecuador’s Dollar Bonds Move Higher
September 9, 2024
Dollar bonds of Ecuador were higher across the curve, by 1-3 points. This comes after sources reported that Goldman Sachs and BofA were laying the groundwork for a debt swap deal for Ecuador. This is to help the nation manage its debt financing costs. The transaction would be a debt-for-nature swap wherein, a portion of its existing debt will be refinanced by selling a new bond at better terms. The saving will go toward nature conservation to protect part of the Amazon rainforest. Last year, Ecuador completed the largest ever debt-for-nature swap, that was expected to generate over $1bn worth of savings for the government.
Ecuador’s 6.9% 2030s were up 2.1 points to 74, yielding 13.4%
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