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LONDON, June 17 (IFR) - The Republic of Ecuador has opened books on a new 10-year benchmark-sized US dollar bond at an initial yield of low 8%, according to a lead.
The bond, the Andean nation's first since it voluntarily defaulted on USD3.2bn of foreign debt in 2008, is expected to launch and price later today.
Citigroup and Credit Suisse are the joint lead arrangers of the bond, which is expected to be rated Single B by both Standard & Poor's and Fitch. (Reporting by Sudip Roy, editing by Anil Mayre)