Rally in oil prices, Ecuador back to borrow more money

Posted on December 9, 2016 • Filed under: Economy, Ecuador, Oil

reuters.com reported Ecuador returned to the US dollar bond market Thursday for the third time this year, raising US$750m through a new 10-year note following a recent rally in oil prices.

The deal, rated B by S&P and Fitch, will provide much needed funds for the oil-exporting nation, which plunged into recession last year.

One portfolio manager said the yield initially offered – which was well above the 9.1% at which the country’s 2022s were trading – was justified by Ecuador’s weak fundamentals and troubled history. Read Article


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