UPDATE 1-Ecuador prices US$2bn 10-year bond at 7.95%
(Adds pricing details)
By Davide Scigliuzzo
NEW YORK, June 17 (IFR) - The Republic of Ecuador on Tuesday raised US$2bn in its first international bond issue since it voluntarily defaulted on US$3.2bn of foreign debt in 2008.
The sovereign priced the transaction at par to yield 7.95%, inside official guidance of 8% (plus or minus 12.5bp) and tight to initial price thoughts of low 8%.
Orders for the issue reached USD4.5bn before the deal was launched, according to an investor.
Citigroup and Credit Suisse are the joint lead arrangers of the bond.
The notes are expected to be rated Single B by both Standard & Poor's and Fitch. (Reporting by Davide Scigliuzzo; Editing by Marc Carnegie)
© Thomson Reuters 2016 All rights reserved.