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Ecuador’s Dollar Bonds Rally on Newly Elected Pro-Business President
October 17, 2023
Dollar bonds of Ecuador rallied by ~1.3 points across the curve after Daniel Noboa was elected as the president of the nation. Noboa is considered to be a pro-business president and having been elected is said to remove fears of a populist left-wing government. Noboa beat his opponent Luisa Gonzalez, a socialist by 52-48% in the runoff, according to preliminary data. Ecuador’s dollar bonds are among the big losers this year, having fallen over 20% YTD with political risks weighing on it. However, despite the positive update on Noboa’s election, he will only stay in office until 2025 when the term of current President Guillermo Lasso ends. Thus, analysts remain wary about his ability to fix the nation’s current problems as it would have to be done in a very short period of time.
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