Ecuador placed USD 700 million in sovereign bonds

Ecuador placed around USD 700 million in sovereign bonds, President Rafael Correa said.

“We just put 700 million (US dollars) with an interest rate of 10.5%,” said Correa.

He justified the high rate of return by the “current circumstances of the collapse of oil prices.”

The Ministry of Finance also noted that the sovereign bonds placed in the capital market for five years amount to USD 750 million.

“The issued USD 750 million will be allocated for the Annual Investment Plan” of the country for 2015, the ministry said on its website.