Published on 10/18/2017 in the Prospect News Emerging Markets Daily.
New Issue: Ecuador prices $2.5 billion 10-year notes at par to yield 8 7/8%
By Rebecca Melvin
New York, Oct. 18 – Republic of Ecuador priced $2.5 billion of 10-year senior notes at par to yield 8 7/8% on Wednesday, according to a market source.
Pricing came at the tight end of guidance in the 9% area and had been revised down from 9¼% talked initially.
JPMorgan, Credit Suisse and Deutsche Bank were joint bookrunners of the Rule 144A and Regulation S notes.
| Issuer: | Republic of Ecuador
|
| Amount: | $2.5 billion
|
| Maturity: | Oct. 23, 2027
|
| Securities: | Senior notes
|
| Bookrunners: | JPMorgan, Credit Suisse and Deutsche Bank
|
| Coupon: | 8 7/8%
|
| Price: | Par
|
| Yield: | 8 7/8%
|
| Trade date: | Oct. 18
|
| Settlement date: | Oct. 23
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Guided 9% area from initial talk at 9¼%
|
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