IKN

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Ecuador Bonds: Game on

It took over four months for the Ecuador defaulted bondholders to make a move, but yesterday they tipped their card everso slightly. Reuters reported yesterday afternoon (Soto, natch) that they had got their hands on (i.e. sent by bondholders on a courier bike) a letter sent by the holders of a minor slice of the bond pie (estimated at $130m or above by Eurasia’s Patrick Esteruelas). The letter had been sent to the government of Ecuador and requested the government to make good on the full amount of the bond capital and interest due.

Interesting that they should have waited until after the Presidential elections to make this opening gambit. This story is at the top of the second, approximately. Watch this space.

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