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Ecuador: Limited upside

A more fragile fiscal outlook would cap relative risk compression. 0% 30s could gain the most in global risk on, but risk-reward seems more balanced for the 5.5% 30s. Revenues shortfall and tight financing will put pressure on fiscal accounts in 2023...
BancTrust Bruno
Bruno Gennari @ BancTrust 24 November 2022
Ecuador: Limited upside
Ecuador: Limited upside

We prefer short-term bonds to capture impact of positive news

Debt negotiations with China would offset weaker oil prices…. … But there is little room to avoid spending cuts. We advise caution as bonds remain exposed to a negative re-pricing of global risk.
BancTrust Bruno
Bruno Gennari @ BancTrust 18 October 2022

Ecuador protests overshadow IMF programme review

The IMF Board approved the combined fourth and fifth reviews of Ecuador’s extended fund facility (EFF) on 24 June. It follows the announcement of staff-level agreement on 11 May and so is not unexpected. That said, despite the good news on the IMF pr...
Tellimer Research Stuart
Stuart Culverhouse @ Tellimer Research 27 June 2022
Ecuador protests overshadow IMF programme review
Ecuador protests overshadow IMF programme review

Ecuador: IMF reach staff-level agreement on programme review

The IMF announced yesterday that it had reached staff-level agreement (SLA) on the combined fourth and fifth reviews of Ecuador's Extended Fund Facility (EFF). Indeed, fiscal and monetary balances for September and December 2021 were better than proj...
Tellimer Research Stuart
Stuart Culverhouse @ Tellimer Research 12 May 2022
Ecuador: IMF reach staff-level agreement on programme review
Ecuador: IMF reach staff-level agreement on programme review
Flash Report / Ecuador

Ecuador: IMF approves programme review as expected

The IMF Executive Board has approved the combined second and third reviews of Ecuador's US$6.5bn (661% of quota) extended fund facility (EFF), according to a statement published yesterday. The statement didn't add much to the previous press release a...
Tellimer Research Stuart
Stuart Culverhouse @ Tellimer Research 1 October 2021
Ecuador: IMF approves programme review as expected
Ecuador: IMF approves programme review as expected

Tellimer's top picks: October 2021

Dubai has liberalised its visa regime, falls under the UAE's Abraham Accords with Israel, has maintained a globally rare sense of normality during Covid in terms of outdoor activities and open schools, and is efficiently vaccinating its population. E...
Tellimer Research Tellimer
Tellimer Research Team @ Tellimer Research 30 September 2021
Tellimer's top picks: October 2021
Tellimer's top picks: October 2021