LatinNews Regional Monitor: Andean Group - 27 September 2019

ECUADOR | Ecuador secures more external financing. Ecuador’s economy & finance minister Richard Martínez declared the successful issuing of US$2bn of sovereign bonds on the international market on 24 September. Martínez announced the placement of the bonds via Twitter. He said that they were 2.3 times over-subscribed, demonstrating the market’s confidence in Ecuador’s economic sustainability and highlighting how the transaction will enable the government led by President Lenín Moreno to comply with its 2019 economic programme. An official statement clarified that, out of the US$2bn, US$600m will mature in 2025 at an interest rate of 7.85%, while the remaining US$1.4bn will mature in 2030 at an interest rate of 9.50%. The excess resources obtained by the bond placements will go towards the state budget and be used to finance investment projects.

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