NEW YORK, June 17 (IFR) - The Republic of Ecuador has refined yield guidance on its upcoming 10-year US dollar bond to 8% plus or minus 12.5bp, according to market sources.
Ecuador opened books on the deal, the country’s first since it voluntarily defaulted on USD3.2bn of foreign debt in 2008, with initial price thoughts of low 8% area on Tuesday morning.
Citigroup and Credit Suisse are the joint lead arrangers of the bond, which is expected to launch and 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)