Ecuador: Crafting the road map

January 01, 1999

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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. Ecuador and its bankers now have to persuade more than 1,700 often hostile bond holders to tender their Bradys and Eurobonds for $3.95 billion in new global bonds. “We had one chance,” says Nazareth Festekjian, the Salomon managing director who was in charge of structuring the deal.

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Banking