Connect with us

Hi, what are you looking for?

Ecuador Political News

Ecuador says could return to bond market after successful issue – Reuters

Ecuador could return to the international debt market after an oversubscribed sale of $2 billion of sovereign bonds on the international market last week, the finance minister said on Tuesday, the first since a $3.2 billion default in 2008. Read more >>

Ecuador could return to the international debt market after an oversubscribed sale of $2 billion of sovereign bonds on the international market last week, the finance minister said on Tuesday, the first since a $3.2 billion default in 2008. <a href="http://in.reuters.com/article/2014/06/24/ecuador-bond-idINL2N0P520G20140624">Read more >></a>

Ecuador could return to the international debt market after an oversubscribed sale of $2 billion of sovereign bonds on the international market last week, the finance minister said on Tuesday, the first since a $3.2 billion default in 2008.

Most of the funds raised in the June 17 sale of 10-year bonds with a 7.95 percent coupon will be invested in infrastructure, education and other sectors, though part will also be used to pay other debts coming due.

The issue has also helped the government to cover a $4.5 billion deficit it had in the national budget.

“Each time we see the financial conditions and the market has good terms for the Republic of Ecuador, we could carry out an operation on the capital market,” Fausto Herrera told reporters.

Herrera said the bond issue was part of a strategy to diversify the Andean nation’s finances which have been heavily reliant on China in the last few years.

Ecuador has around $650 million of Global 2015 bonds coming due next year, which Herrera assured would be paid on time.

“When these bonds expire, they will be paid in 2015,” Herrera said.

Last week’s bond issue led by Citigroup and Credit Suisse attracted offers totalling $5 billion from banks in North and South America, Europe and Asia. Herrera said the bonds had been rated BB by Standard & Poor’s and Fitch. (Reporting by Alexandra Valencia and Peter Murphy; Editing by Grant McCool)

Read more >>

Archives

TRENDING

#Factsmatter: An international arbitration panel found ‘no cogent evidence’ supporting #Ecuador’s claim that #Texaco failed to comply with terms of remediation in #Amazon. https://t.co/7TqQ6sJhik
The @WSJ sums this case up nicely, “[Steven Donziger] and his team fabricated evidence, promised $500,000 to an #Ecuadorean judge to rule in their favor, ghostwrote much of the final verdict and took other actions that ‘perverted’ the course of #justice. Mr. Donziger disputes the… https://t.co/soQ1qreULA
Shameless. Disbarred and convicted of criminal contempt of court for bribing an Ecuadorian judge in an attempted extortion scheme, @SDonziger is nonetheless accepting invitations to speak at #climate rallies. Read more about this adjudicated racketeer: https://t.co/5eac0lRmN7
Sworn testimony: While Texaco met its environmental obligations in the Amazon, #Ecuador’s national oil company did “absolutely nothing” to address its own remediation in the area. #FactsMatter:
https://t.co/7TqQ6sJhik
DENIED: @SCOTUS rejects hearing case of Steven Donziger, who bribed Ecuadorian judge in failed effort to bilk Chevron for billions of dollars. https://t.co/zT0dlozk5R

You May Also Like

Chevron Ecuador Blog Posts

1. Steven Donziger Is an Adjudicated Racketeer. The U.S. District...

News & Updates

Steven Donziger is the best example of how a handful...

News & Updates

Disbarred lawyer Steven Donziger likes to present himself to the...

Chevron Ecuador Lawsuit News

A lawsuit against oil companies reflects progressive attempts to criminalize...