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Ecuador's bonds rally after new creditor proposal

Credit: REUTERS/JOSE LUIS GONZALEZ

Ecuador's government bonds rallied to a four-month high and as much as 3 cents on the dollar on Tuesday, after the country's creditors made a fresh proposal in its $17.4 billion debt renegotiations.

LONDON, July 14 (Reuters) - Ecuador's government bonds rallied to a four-month high and as much as 3 cents on the dollar on Tuesday, after the country's creditors made a fresh proposal in its $17.4 billion debt renegotiations.

A group of around 25 investors and an ad hoc group of holders of Ecuador notes due in 2024, holding between a quarter and a third of Ecuador's different tiers of bonds, put forward their plan after rejecting an earlier proposal that had been supported by the country's other main group of creditors.

Hopes that it would help progess towards a deal pushed Ecuador's 2029-maturing bond up 3 cents EC192937671= and most of its others between 1.3 and 2 cents. EC145851467=, EC153507198=

(Reporting by Marc Jones; Editing by Tom Arnold)

((marc.jones@thomsonreuters.com; +44 (0)207 542 9033; Reuters Messaging: marc.jones.thomsonreuters.com@reuters.net Twitter @marcjonesrtrs))

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