Three groups of bondholders have responded to a proposed bond swap from Ecuador with two groups rejecting it and one expressing support, according to separate statements on Monday.
A group of 25 institutional investors, including Amundi, Contrarian Capital Management, Grantham Mayo Van Otterloo (GMO) and T Rowe Price, dismissed the offer, saying “the terms… do not represent Ecuador’s best effort to reach an equitable restructuring with a majority of bondholders or its ability to implement social development goal principles to build a sustainable future.”
The group stuck by the counteroffer it presented on July 16, which it claimed was more balanced and conformed to Ecuador’s payment capacity.
To read the full article on Latin Finance, click here.
