Ecuador Internacional

Oil slide forces Ecuador to pay up on latest bond sale

Reuters - Davide Scigliuzzo 19/03/2015

A recent slide in crude prices is forcing Ecuador to pay up as the oil-exporter brings to market a new international bond issue in an effort to plug a budget shortfall.

Hurt by a 13% slide in oil prices since it began marketing the new sale earlier this month, the Andean nation has been forced to target a shorter maturity and a higher yield than originally expected.

"Oil prices are driving things wider and their existing bonds have sold off significantly," said a US-based investor evaluating the sale.

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