By Josie Cox
The Republic of Ecuador is targeting a 10-year maturity and an
8% coupon for its planned U.S. dollar-denominated bond, an investor
said Friday.
The country, whose debt is rated Caa1 by Moody's Investors
Service Inc. and B by both Standard & Poor's Corp. and Fitch
Ratings, hosted a series of roadshows in London, Boston, Los
Angeles and New York this week and aims to open books on its bond
as early as Tuesday in the coming week, the investor said.
A transaction would provide a firm test of investors' appetite
for risk, just 5.5 years after the country defaulted on $3.2
billion of foreign debt.
Credit Suisse Group AG and Citigroup Inc. have been mandated to
run the transaction.
The possibility of the country tapping global investors for
funding was flagged in April. Then, the country's president said
around $700 million of U.S. dollar bonds could be issued this year.
Ecuadorean officials have spoken at various times over the past
three years about a possible debt issue.
Write to Josie Cox at josie.cox@wsj.com