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Bond Market News
Ecuador’s Dollar Bonds Weaken on Escalation of Protests
October 9, 2025
Ecuador’s dollar bonds were weaker across the curve by nearly 1 point after an escalation of protests over President Daniel Noboa ending a diesel subsidy last month. A mob hurled rocks in the Cañar province, at the motorcade transporting Noboa, who was unharmed. Bloomberg notes that the province has been a hotspot for protests since Noboa removed the fuel subsidy, that cost around $1.4bn last year. Despite the protests, Noboa’s office insisted the government will not give in to the pressures and that Noboa will continue to travel “to every corner of the country”. This was the second time Noboa has come under attack since CONAIE (Ecuador’s largest indigenous rights organization) declared a national strike late last month to protest against the end of the subsidy. Previous governments had attempted to end the diesel subsidy in both 2019 and 2022, which had also triggered large protests.
Ecuador’s dollar bonds traded weaker with its 5% 2040s down by 1 point to 64.5 cents on the dollar, yielding 11.9%.
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