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Ecuador’s Dollar Bonds Rally on Expectations of Policy Continuity
January 31, 2025
Ecuador’s dollar bonds rallied by 1.5 points across the curve after markets warmed to the possibility of the current President, Daniel Noboa winning a second term. Noboa is considered market-friendly, and polls suggest a widening lead for him ahead of the election on February 9. Having occupied office in late-2023, Noboa pushed to address Ecuador’s fiscal and security crises, whilst also implementing austerity measures like raising taxes and cutting some government subsidies (including fossil fuels). Besides, he also helped obtain a $4bn deal with the IMF.
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