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Ecuador’s dollar bonds rallied by over 1.3 point across the curve, making it among the best performers in the EM space on Tuesday. This came after reports indicated that the nation’s energy crisis situation eased, ahead of its February presidential elections. The nation has seen continued power blackouts, droughts, slow growth and other challenges over the last several months. Regarding the elections however, a poll in November showed the current President’s approval rating at just 28.9% vs. 59% in May, suggesting that he was losing support.
Ecuador’s 6.9% 2030s were up 1.8 points to 73.13, yielding 14.02%.