Ecuador smashes past expectations with $2bn return

Ecuador proved investors are willing to forgive, forget and reinvest this week. The sovereign sold a $2bn 10 year deal on Tuesday — double some bond buyers’ expectations — in its first international transaction since a $3.2bn default in 2008. The final yield was wider than some analysts’ predictions, but was still tight enough to cause consternation among fund managers worried that yields are being pushed too far.