June 17 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
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
(Additional reporting by Alexandra Valencia; Writing by Brian
Ellsworth; Editing by Chizu Nomiyama)