Ecuador Sets Bondholder Conference Call

Ecuador has scheduled for Tuesday a 1-way conference call to discuss the recently launched buyback offer for its defaulted 2012 and 2030 bonds, its finance ministry says. The government announced April 20 that it would buy back the bonds in a modified Dutch auction through May 15, setting a floor price of 30% of face value. It expects to announce results May 26, though it reserves the right to prolong the auction process. There is some $3.2bn outstanding in the 2012 and 2030 bonds, though Ecuador is rumored to have been repurchasing via intermediaries since November. Lazard is advising Ecuador. Bondholders have also started to organize, though the intentions of groups organized by Capital Markets Financial Services and law firm Milbank Tweed remain unclear. Tuesday’s call is set for 0930 EST.