Ecuador’s Bond Slump Is Just Beginning to Stone Harbor, Aberdeen
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By many measures, Ecuador’s return to the overseas bond market was a resounding success. Nevertheless, some big debt investors are staying away.
The nation’s five-year notes surged as much as 10 percent after they were issued in March, and a rebound in oil helped Ecuador pay 2 percentage points less in yield in a follow-up sale last week. Yet Stone Harbor Investment Partners LP and Aberdeen Asset Management Plc say the risks are still too great.