Ecuador launches US$2bn 10-year bond at 7.95%

Tue Jun 17, 2014 1:34pm EDT

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NEW YORK, June 17 (IFR) - The Republic of Ecuador is set to raise USD2bn through its upcoming 10-year bond issue, the Andean nation's first since it voluntarily defaulted on USD3.2bn of foreign debt in 2008.

The sovereign launched the transaction at a final yield of 7.95%, market sources said, inside official guidance of 8% plus or minus 12.5bp and tight to initial price thoughts of low 8%.

Orders for the issue reached USD4.5bn before launch, according to an investor.

Citigroup and Credit Suisse are the joint lead arrangers of the bond, which is expected to price today.

The notes are expected to be rated Single B by both Standard & Poor's and Fitch. (Reporting by Davide Scigliuzzo; Editing by Marc Carnegie)

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