September 27, 2016 / 3:22 PM / a year ago

UPDATE 1-Ecuador announces reopening of 2022 bonds

(Adds details, investor quote)

By Davide Scigliuzzo

NEW YORK, Sept 27 (IFR) - Ecuador is offering an attractive discount to entice buyers into a tap of its 2022 US dollar bonds after setting initial price thoughts of 10.75% area, two investors told IFR on Tuesday.

The tap of the 10.75% bond is expected to price later in the day through lead Citigroup and marks the nation’s second international bond foray in a matter of months.

“A 10.75% yield is about 100bp cheap to where the 22s were trading pre-announcement (on a yield basis),” one investor said.

Ecuador, rated B/B, was last in the market in late July when it issued a US$1bn of the 2022s at par, also through Citigroup. (Reporting by Davide Scigliuzzo; editing by Shankar Ramakrishnan)

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