By Reshmi Basu
New York, Dec. 7 - The Republic of Ecuador sold $650 million of 10-year global bonds (Caa1/CCC+/B-) at 91.692 with a 9 3/8% coupon to yield 10¾%, according to a market source.
The issue priced at the wide end of price guidance, which was 10½% to 10¾%.
Venezuela accounted for $300 million of the book order.
JP Morgan and Deutsche Bank were joint bookrunners for Rule 144A/Regulation S transaction.
The notes are non-callable for life.
Proceeds will be used for the refinancing of debt.
| Issuer: | Republic of Ecuador
|
| Amount: | $650 million
|
| Issue: | Global bonds
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| Maturity: | Dec. 15, 2015
|
| Coupon: | 9 3/8%
|
| Issue price: | 91.692
|
| Yield: | 10¾%
|
| Spread: | 622.7 basis points more Treasuries
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| Pricing date: | Dec. 7
|
| Settlement date: | Dec. 12
|
| Bookrunners: | JP Morgan, Deutsche Bank
|
| Price guidance: | 10½% to 10¾%
|
| Ratings: | Moody's: Caa2
|
| Standard & Poor's: CCC+
|
| Fitch: B-
|
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