Ecuador plumps for unprecedented LM on IMF progress

Quito Ecuador px230
By Oliver West
11 Jun 2019

Just two weeks after the IMF said it had reached a staff level agreement on the first review of Ecuador’s economic programme, the South American sovereign pounced on a positive start to the week in markets to issue $1.125bn of bonds that will be used to refinance debt due next year.

In December 2015, Ecuador paid off the principal on an international bond for the first and only time in its history. Monday saw the sovereign once again enter unfamiliar territory as it sought to refinance a bond before the due date.

“This is an unprecedented operation for our country,” ...

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