ECUADOR |
Bond issue. Ecuador’s economy & finance ministry announced on 18 January that it had successfully placed US$3bn in sovereign bonds in international capital markets – Ecuador’s first debt issue of the year. According to a ministry statement, the 10-year bonds were placed at an interest rate of 7.87% – the lowest interest rate offered by such bonds since Ecuador returned to international markets in 2014. According to the ministry, the funds raised by the bond issue will be used to fund part of the government’s 2018 investment plan. The same source also highlighted that the high demand for the bonds, which were oversubscribed to the tune of US$10bn, shows that foreign investors remain confident about the country’s economy, which according to estimates from the central bank (BCE) grew by 1.5% in 2017, above market expectations of 1%.
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