Ecuador's private creditors agreed to sell bonds worth $1.6 billion, compared to only $600 million. Holders of these new debt securities (maturity 2042) have accepted a significant discount of 60%.
What's more, the interest rate on the new bonds was traded at an attractive price of 6.95%, well below the current market price of over 10%."The guarantee provided by development finance institutions - the Inter-American Development Bank (IDB) and the Development Finance Corporation in the United States - rated 'AAA' by...