Ecuador’s BIESS in Talks With Citi, JPMorgan for Bond Sale
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The banking arm of Ecuador’s state-run pension fund is in talks with banks including Citigroup Inc. and JPMorgan Chase & Co. to help manage a $200-million foreign bond sale next year.
Banco del Instituto Ecuatoriano de Seguridad Social, which will use the notes to boost spending on local infrastructure projects and lending to members, said the banks are recommending an “impossible” interest rate of 12 percent, while BIESS is seeking no more than 9 percent, Chief Executive Officer Efrain Vieira said yesterday in an interview at his offices in Quito.