Ecuador Defaulted Last Year. Now Its Bonds Are World’s Best

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Ecuador’s Bonds Are World’s Best

Across the world, government bondholders have seen losses pile up this year as a pickup in inflation and economic growth puts central banks under pressure to raise interest rates.

That makes even more remarkable the windfalls seen in Ecuador, a junk-rated South American nation that was mired in recession even before the pandemic and was forced to restructure $17.4 billion of debt last year — a step rating companies considered a default.

MARKETS: Ecuador’s Bonds Are World’s Best

Guillermo Lasso leaves the National Assembly after being inaugurated in Quito on May 24.

Photographer: Johis Alarcon/Bloomberg

The returns on the nation’s bonds have topped 28% this year, more than any other country, according to a Bloomberg Barclays index. It’s the result of a confluence of factors: a steady vaccination campaign, rising oil prices and optimism that the April election victory of President Guillermo Lasso, a former banker, will usher in a wave of market-friendly reforms.

The gains stand in contrast to the experience of investors in other major Latin American countries that have seen political unrest or the rise of left-wing parties amid the economic toll of the pandemic. Neighboring Colombia this year was rocked by bloody protests over the president’s ill-fated tax hike plans. In Chile, a former student protest leader to the far left of the nation’s political spectrum is ahead in the presidential race. And Peru’s markets have been whipsawed as President Pedro Castillo, a former rural schoolteacher from a Marxist party, called for a new constitution and a briefly delayed the appointment of his finance minister. On Friday, Moody’s Investors Service downgraded El Salvador.

Bloomberg always has the latest news and the best of journalism. Read here the full story:

— Read on www.bloomberg.com/news/articles/2021-08-02/ecuador-defaulted-last-year-now-its-bonds-are-the-world-s-best

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AmerExperience.com/Business founder MSc Econ Lassi Pensikkala is the creator of hashtag #GoodNewsfromEcuador

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