Ecuador returns to the bond market, paying 11 percent

bloomberg.com reported Ecuador is offering bonds in the overseas market with the highest coupon since 2000 as the nation seeks to plug a financing gap following lower oil prices.

The South American nation is marketing five-year dollar notes to yield around 11 percent, according to a person familiar with the matter, who is not authorized to speak publicly and asked not to be identified. Citigroup Inc., which managed Ecuador’s last offering in May of last year, is handling the sale. This would mark the fourth time the nation returns to the market after defaulting on $3.2 billion of notes in 2008. Read Article

AN INSIDE LOOK AT THE CULTURE OF ECUADOR – READ THIS BOOK