Debt capital markets: Ecuador wakes to a new dawn

Last year was tumultuous for Ecuador. A president was ousted, a spat with the World Bank threatened to get out of hand and there were genuine fears that the sovereign might default. At long last, though, there are signs that Ecuador might be on the path to recovery, not least because of the strong support that the sovereign received for its first bond issue in six years.

In December, the Andean nation sold $650 million of 10-year bonds, its first transaction since it defaulted on its Brady bond debt in 1999.