NEW YORK, May 29 (Reuters) - Ecuador is planning to issue sovereign debt, perhaps before the end of the year or in the first quarter of 2014, marking a return to international debt markets 5 years after it defaulted on $3.2 billion of sovereign bonds despite an ability to pay.
“Yes, we are working on that. We don’t know exactly the month, but it could be as soon as the end of this year or the first trimester of the next year... Certainly we have found a lot of appetite for government bonds,” said Ecuador’s Ambassador to the United States Nathalie Cely.
“There are a couple of investment banks that have visited me in Washington to talk about that and to let me know they are looking forward for our bond initiative,” Cely told Reuters in a telephone interview before meeting with investors in New York.
The details of any bond offering have not been worked out yet, Cely said, but added that many banks have spoken to the government and that she has had direct contact with Credit Suisse about an offering.
Cely, an economist who is close to newly re-elected President Rafael Correa, arrived in Washington in January 2012. Prior to her appointment, she served the government in various high-level economic roles including Coordinating Minister for Production, Employment and Competitiveness and Coordinating Minister for Social Development.