Ecuador: Crafting the road map

Deals of the year: Tech and telecoms illustrate the ups and downs of 2000 Author: Felix Salmon Issuer: EcuadorDeal: bond exchangeAmount: $4 billion Global coordinator: Salomon Smith BarneyJoint dealer-manager: JP Morgan Festekjian: “we had one chance” It is the morning of August 23 2000. The prospectus is ready, the leads’ sales […]

Deals of the year: Tech and telecoms illustrate the ups and downs of 2000

Author: Felix Salmon

Issuer: Ecuador
Deal: bond exchange
Amount: $4 billion
Global coordinator: Salomon Smith Barney
Joint dealer-manager: JP Morgan







Festekjian: “we had one chance”

It is the morning of August 23 2000. The prospectus is ready, the leads’ sales teams have been locked into their rooms, the Ecuadoran finance team has managed to keep the details of the deal secret. Michael Corbat, head of emerging-market sales and debt origination at Salomon Smith Barney, gives the order for the bank’s London office to issue the press release.

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Ecuador: Crafting the road map

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