mit den Jungs habe ich auch noch eine Rechnung aus den 2012er und 2030er Bonds offen.....der Charme bei Ecuador ist die fiktive Quellensteuer von 20% // d.h. im Steuerparadies Deutschland effektive Steuerbelastung auf ECU-Zinsen nur 5% (+ Soli und gegbf. Kirche)

El Cronista

Ecuador plans to return to the markets after five years

 

Tuesday, July 09, 2013

 

Ecuador, which did not honor part of its foreign debt in 2008, plans to return to the international debt markets at the end of this year or at the start of the next.  The objective of the government of the Andean country is to finance the 2014 budget with the issuance of sovereign bonds and it improve relations with the markets where it could obtain financing for its internal needs.

 

“We want to issue to be able to finance the budget for next year and again enter the capital markets,” said Finance Minister Fausto Herrera.

 

“It will potentially be at the end of 2013 or the start of 2014, depending on conditions,” he added.

 

The smallest member of OPEC declared a default in 2008 on part of its debts expressed in Global 2012 and 2030 bonds, to then repurchase them in a market operation that was characterized as successful by the authorities.  Since then, the nation has stayed at the margin of the capital markets.  It currently has in circulation Global 2015 bonds, with capital of US$650 million.  The potential issuance “is within plan we have for improving our markets where we can seek financing,” the minister insisted.

 

After declaring the default, Ecuador had as financing sources regional multilateral organizations and bilateral credits, especially from China.  Also, it has covered its budgets with internal bonds, the main subscriber being the state social welfare institute.  Ecuadoran President Rafael Correa had promoted million-dollar projects destined for social areas, road infrastructure and hydroelectric energy, which has allowed him to sustain his enormous popularity and has obliged him to seek bigger non-permanent revenues.  Herrera said that to finance the budget this year they are negotiating a credit of between US$1.2 billion and US$1.4 billion with China, which could come together in August.

 

The total financing coming from the Asian country for this year come to US$3.812 billion, which includes a credit of US$1 billion subscribed to last year and investment plans for specific projects like hydroelectric centers in stages of construction.  The country’s financing necessities in 2013 come to some US$6.254 billion.  With these resources, the US$5.05 billion deficit is totally financed.