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Bond Market News
Ecuador’s Dollar Bonds Rise on Increased International Reserves and Presidential Decree
November 8, 2024
Ecuador’s dollar bonds rallied across the curve. Its President Daniel Noboa issued a decree ordering financial institutions to provide debt relief measures in response to its current energy crisis. The decree directs public, private, solidarity financial institutions and commercial houses, to implement extraordinary deferral programs allowing clients to postpone financial obligations for up to 90 days. Beneficiaries will be exempt from additional interest charges, moratoriums, surcharges or fines. Ecuador is currently reeling under what is considered to be its worst drought in 61 years and an energy crisis. Separately, its international reserves rose slightly to $8.645bn in October from $8.578bn in September.
Ecuador’s 5.5% 2035s were up 2.2 points to 57.38, yielding ~13%.
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