Ecuador’s $2 Billion Bonds Offering

Hogan Lovells, Clifford Chance and Perkins Coie advised on the transaction

The offerings included a US$1 billion six-year bond priced at a yield of 8.75% and a US$1 billion 10-year bond that came at 9.625%.

This was the first international debt capital markets transaction since the newly elected President Mr. Lenin Moreno took office on May 24. The offering is one of several Ecuador has conducted in the past months to finance reconstruction work following a devastating 7.8 magnitude earthquake that hit the northern coast of Ecuador.

Citibank acted as Initial Purchaser and Bank of New York Mellon acted as trustee.

The Hogan Lovells advised the Republic of Ecuador Miguel Zaldivar (Picture), Oscar Stephens, Evan Koster, and Elizabeth Olaya.

Clifford Chance advised Citibank with Deborah Zandstra, Jonathan Zonis, Azam Taiyeb and Mariana Estévez.

Perkins Coie LLP advised the Bank New York Mellon Sean Connery and Ron Sarubbi.


Involved fees earner: Sean Connery – Perkins Coie; Ronald Sarubbi – Perkins Coie; Miguel Zaldivar – Hogan Lovells; Oscar Stephens – Hogan Lovells; Evan Koster – Hogan Lovells; Elizabeth Olaya Marquez – Hogan Lovells; Deborah Zandstra – Clifford Chance; Jonathan Zonis – Clifford Chance; Azam Taiyeb – Clifford Chance; Mariana Estévez – Clifford Chance;

Law Firms: Perkins Coie; Hogan Lovells; Clifford Chance;

Clients: Citibank; Bank of New York Mellon; Republic of Ecuador;



Author: Ambrogio Visconti