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International bonds: Ecuador, 8.75% 2jun2023, USD (XS1626768730)

StatusCountry of riskMaturity (option)
Amount i
This field shows outstanding face value amount for outstanding bonds
Issue ratings (M/S&P/F)
outstandingEcuador**/**/****1,187,000,000 USD***/***/***
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Issue information

BorrowerEcuador
Bond typeCoupon bonds
Form of issueRegistered documentary bonds
Placement methodOpen subscription
Placement typePublic
Issue purposeShow
Issue purpose
The Additional Notes are being issued to be transferred to CS (defined in “The Republic of Ecuador— Public Debt—CS Repo Transaction” below) in consideration for: (1) the return to the Republic of the CS Reopened Notes which will be subsequently cancelled by the Republic, and (2) the periodic return to the Republic of interest amounts payable on the Additional Notes in accordance with the October 2018 CS-Ecuador Repurchase Agreement. The use of proceeds for public debt is limited by the Public Planning and Finance Code. Under the Public Planning and Finance Code, proceeds of public debt transactions may only be used to: (1) finance Government programs, (2) finance infrastructure projects that have the capacity to repay the related debt obligations and (3) refinance an existing external debt obligation on more favorable terms. The Public Planning and Finance Code prohibits public transactions for the purpose of paying ongoing expenses, with the exception of expenses related to health, education, and justice, under exceptional circumstances as determined by the President of the Republic. The use of proceeds for public debt is limited by the Public Planning and Finance Code (defined in the Offering Circular). Under the Public Planning and Finance Code, proceeds of public debt transactions may only be used to: (1) finance Government programs, (2) finance infrastructure projects that have the capacity to repay the related debt obligations and (3) refinance an existing external debt obligation on more favorable terms. The Public Planning and Finance Code prohibits public transactions for the purpose of paying ongoing expenses, with the exception of expenses related to health, education, and justice, under exceptional circumstances as determined by the President of the Republic. The Additional Notes are being issued to be transferred to GSI (defined in “The Republic of Ecuador— Public Debt—GSI Repo Transaction” below) in consideration for: (1) the return to the Republic of the Substituted August 2018 Additional Notes whi
Par amount, integral multiple1,000 USD
Nominal of international bonds1,000 USD
Minimum settlement amount200,000 USD
Outstanding principal amount200,000 USD
Amount1,187,000,000 USD
Amount Outstanding0 USD
Outstanding face value amount1,187,000,000 USD
Placement date**/**/****
Maturity date**/**/****
Redemption price100%
Other tranchesEcuador, 9.625% 2jun2027, USD
Floating rateNo
Margin0
Cap0
Floor0
Coupon Rate*.**%
Current coupon rate8.75%
Day count fraction***
ACI*** (10/18/2019)
Coupon frequency2 time(s) per year
Interest accrual date**/**/****
ListingLuxembourg S.E.

Related issues

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Cbonds Valuation
i
Indicative bond and international bond quotes by Cbonds are calculated based on the methodology. The end result of the methodology is a single end-of-day Cbonds quote, which is based on bid and ask data of various trading floors and contributors working with this asset.
:

Trading floorDate and timeBid/ ask price (Yield)
Indicative price (Yield) i
Indicative price is used to calculate the effective yield, duration, modified duration and is calculated according to the following priority of prices: weighted average price (Average), market price (Market), closing price (Close), admitted price (Admitted), middle price (Mid), last price (Last). Indicative yield is calculated according to the following priority of yields: yield to maturity (effective), yield to put/call (effective), current yield.
G-spread
T-spread, bp i
T-spread is calculated as the difference between the issue yield and the yield on government securities of the USA, Great Britain and Germany in the corresponding issue currency and with comparable modified duration (the calculations are based on the effective yields only). The value is computed only for issues in USD, EUR, GBP.
CBONDS ESTIMATION
i
Indicative bond and international bond quotes by Cbonds are calculated based on the methodology described here http://ru.cbonds.com/organizations/docdownload/8715.
The end result of the methodology is a single end-of-day Cbonds quote, which is based on bid and ask data of various trading floors and contributors working with this asset.
Quotes are published both anonymously and publicly in the section Bond Quotes by Market Participants: http://cbonds.com/quotes/market/. These quotes are indicative only. Organizations posting the quotes have no obligations to conduct transactions at these prices. To learn the actual current prices, you need to contact the respective organization. Trading floor quotes are available at http://cbonds.com/quotes/.
10/16/2019*** / *** (*** / ***)*** (***)******Archive
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Bond Quotes by Market Participants

Market participantDate and timeBid/ask or last price
(Yield)
Anonymous participant 3110/17/2019**.** / **.**
(*.** / *.**)
Anonymous participant 2010/16/2019**.*
(*.*)
BCP Securities10/15/2019**.* / **.*
(*.** / *.**)
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Stock exchange and OTC quotes

Trading floorDate and timeBid/ ask price (Yield)
Indicative price (Yield) i
Indicative price is used to calculate the effective yield, duration, modified duration and is calculated according to the following priority of prices: weighted average price (Average), market price (Market), closing price (Close), admitted price (Admitted), middle price (Mid), last price (Last). Indicative yield is calculated according to the following priority of yields: yield to maturity (effective), yield to put/call (effective), current yield.
G-spread
T-spread, bp i
T-spread is calculated as the difference between the issue yield and the yield on government securities of the USA, Great Britain and Germany in the corresponding issue currency and with comparable modified duration (the calculations are based on the effective yields only). The value is computed only for issues in USD, EUR, GBP.
STUTTGART EXCHANGE10/17/2019*** / *** (*** / ***)*** (***)******Archive
LUXEMBOURG S.E.10/16/2019*** / *** (*** / ***)*** (***)******Archive
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Bond classification

Subordinated
Sinkable bond
Perpetual
Convertible
Structured product
Restructuring
Securitization
Mortgage bonds
Trace-eligible
Covered
Foreign bonds
CDO
Sukuk
Retail bonds
Supranational bond issues
Green bonds
Non-Marketable Securities

Identifiers

ISIN / ISIN RegSXS1626768730
ISIN 144AXS1626768656
Common Code / Common Code RegS162676873
Common Code 144A162676865
CFI / CFI RegSDBFNBR
CFI 144ADBFNBR
FIGI / FIGI RegSBBG00GTXV0Z7
WKN / WKN RegSA19JME
WKN 144AA19JQA
SEDOLBF2P2D4
FIGI 144ABBG00GTXV1L0
TickerECUA 8.75 06/02/23 REGS

Primary placement

Issuer rating on issue date (M/S&P/F)***/***/***
Placement**/**/**** - **/**/****
Initial issue amount*,***,***,***
Initial issue price (yield)***% (*.**%)
Settlement Duration*.**

Participants

Bookrunner: Citigroup
Depository: Euroclear Bank, Clearstream Banking S.A.
Issuer Legal Adviser (International law): Hogan Lovells
Arranger Legal Adviser (International law): Clifford Chance
Arranger Legal Adviser (Domestic law): Perez Bustamante & Ponce
Trustee: BNY Mellon
Paying agent: BNY Mellon (London branch)
Issuer Legal Adviser (Listing law): BNY Mellon SA/NV (Luxembourg Branch)

Tap issues

DatePlaced amount/buyback (par), mPlacement participants
1**/**/*******
Bookrunner: Citigroup

Payment schedule

*****

Coupon dateActual Payment DateCoupon, %Coupon payment amount, USDRedemption of principal, USD
Show previous
1**/**/******/**/*****.***,***
2**/**/******/**/*****.***,***
3**/**/******/**/*****.***,***
4**/**/******/**/*****.***,***
5**/**/******/**/*****.***,***
6**/**/******/**/*****.***,***
7**/**/******/**/*****.***,***
8**/**/******/**/*****.***,***
9**/**/******/**/*****.***,***
10**/**/******/**/*****.***,***
11**/**/******/**/*****.***,***
12**/**/******/**/*****.***,******,***
Show following
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Early redemption terms

*****

DateOption typeOption styleBenchmark spread, b.p.Until datePrice
Show previous
**/**/****callMake-Whole Call****/**/****
Show following
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Issue ratings

Ecuador, 8.75% 2jun2023, USD

Rating AgencyRating / OutlookScaleDate
Fitch Ratings***/***LT Int. Scale (foreign curr.)08/21/2019
S&P Global Ratings***/***Foreign Currency LT06/29/2017
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Issuer ratings

Ecuador

Rating AgencyRating / OutlookScaleDate
Dagong Global***/***International scale rating (foreign curr.)03/17/2016
Dagong Global***/***International scale rating (local curr.)03/17/2016
Fitch Ratings***/***LT Int. Scale (local curr.)08/21/2019
Fitch Ratings***/***LT Int. Scale (foreign curr.)08/21/2019
Moody's Investors Service ***/***LT- local currency03/21/2008
Moody's Investors Service ***/***LT- foreign currency12/12/2018
Organisation for Economic Co-operation and Development (OECD)***/***Country Risk Classifications06/25/2018
S&P Global Ratings***/***Foreign Currency LT06/29/2017
S&P Global Ratings***/***Local Currency LT06/29/2017
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