After default, Ecuador preps return to market: sources
By Joan Magee
NEW YORK, April 2 (IFR) - Ecuador could return to the international bond markets to raise up to USD1bn as soon as May or June, two investors said on Wednesday, including one with close ties to the sovereign.
The country, out of the market since defaulting on USD3.2bn of debt in December 2008, has hired Citigroup and Credit Suisse to meet investors in London and the States in the next few days.
While the meetings are officially not part of a new deal, the sovereign said last year it intends to be back in the debt capital markets in 2014.
"They wouldn't be ready for the April window, but I'd say this is more like May or June business," said the investor close to the issuer.
He said Ecuador is looking to raise as much as USD1bn, along with other market sources.
CLEARING THE DECKS
Since the default, Ecuador has bought back 91% of two bonds maturing in 2012 and 2030 at 35% of face value, leaving about USD288m outstanding. Continuación...