September 27, 2016 / 6:37 PM / 2 years ago

Ecuador launches US$1bn tap of 2022 bond at 10.75%

NEW YORK, Sept 27 (IFR) - Ecuador launched a US$1bn tap of its 2022 bond at 10.75% as it sought to cover its funding needs for the year, sources told IFR on Tuesday.

The final yield comes flat to initial price thoughts of 10.75% area and considerably wide to where the bond was trading before the deal was announced.

“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, through Citigroup - the same bank that is leading this transaction.

Reporting By Paul Kilby; editing by Shankar Ramakrishnan

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