Ecuador, banished from international capital markets since bailing on obligations in 2008 and 2009, sold $2 billion of bonds today after rebuilding its credibility with investors.
The nation issued the 10-year dollar-denominated securities to yield 7.95 percent, according to data compiled by Bloomberg. Credit Suisse Group AG and Citigroup Inc. managed the offering.
Five years after President Rafael Correa called creditors “true monsters” when he defaulted on $3.2 billion of notes, the self-described socialist returned to the bond market to help plug a budget gap that’s set to swell to a record this year. Asset managers, seeking to boost returns as bond yields plunge worldwide, proved willing to welcome him back.
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