Lazard Reported Advising Ecuador Buyback

Ecuador has hired Lazard as financial advisor for its plan to buy back global 2012 and 2030 bonds, according to remarks from President Rafael Correa cited in Ecuadorian newspapers. The government plans to announce the details of the repurchase – expected at a discount of at least 70% – this month. Ecuador defaulted on the two issues, after a special government committee claimed they are illegal and illegitimate. Last week Ecuador said it would continue to make payments on its 2015 global bonds. A Lazard spokesman declines to comment.