June 17 (Reuters) - Ecuador is set to raise $2 billion through its upcoming 10-year bond issue, its first since it voluntarily defaulted on $3.2 billion of foreign debt in 2008, IFR reported on Tuesday, citing market sources.
The Andean nation launched the transaction at a final yield of 7.95 percent, with orders for the issue reaching $4.5 billion before launch, IFR reported.
Citigroup and Credit Suisse are the joint lead arrangers of the bond, which is expected to price on Tuesday, according to IFR.
The notes are expected to be rated Single B by both Standard & Poor's and Fitch.
The Ecuadorian Finance Ministry did not immediately respond to a request for comment.
The government of President Rafael Correa had previously said it planned to issue some $700 million. The government says it plans to use the resources to finance economic development projects. (Additional reporting by Alexandra Valencia; Writing by Brian Ellsworth; Editing by Chizu Nomiyama)