Ecuador talks benchmark dollar-denominated 10-year sovereign at 10½%-10¾%

By Paul A. Harris

St. Louis, Dec. 6 - The Republic of Ecuador gave guidance of 10½% to 10¾% for its benchmark-sized dollar-denominated 10-year global bonds on Tuesday, according to a market source.

The offering is expected to price on Wednesday.

Deutsche Bank Securities and JP Morgan are the bookrunners for the Rule 144A/Regulation S offering.

The notes will be non-callable.

Moody's Investors Service assigns its Caa1 rating to the notes. Standard & Poor's rates the notes CCC+. Fitch rates them B-.

Proceeds will be used for debt refinancing.

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