By Rebecca Melvin
New York, Jan. 29 – The Republic of Ecuador priced $1 billion of 10-year senior notes (//B-) at par to yield 10¾%, according to market sources.
Pricing was tightened from initial deal talk for a yield in the 11% area.
Order books were in excess of $3 billion for the deal that priced on Monday.
Proceeds will be used for government programs, for infrastructure projects and to refinance existing debt.
Citigroup, Deutsche Bank and JPMorgan were the joint bookrunners of the Rule 144A and Regulation S notes.
Ecuador was last in the international bond market in January 2018 when it priced $3 billion of 10-year senior notes at par to yield 7 7/8%.
| Issuer: | Republic of Ecuador
|
| Amount: | $1 billion
|
| Maturity: | Jan. 31, 2029
|
| Securities: | Senior notes
|
| Bookrunners: | Citigroup, Deutsche Bank and JPMorgan
|
| Coupon: | 10¾%
|
| Price: | Par
|
| Yield: | 10¾%
|
| Trade date: | Jan. 28
|
| Settlement date: | Jan. 31
|
| Rating: | Fitch: B-
|
| Distribution: | Rule 144A and Regulation S
|
| Initial price talk: | 11% yield
|
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