Clifford Chance advises Bank of America and Citigroup on successful bond issuance for Republic of Ecuador

Global law firm Clifford Chance has advised Bank of America and Citigroup on a US$4 billion bond issuance and liability management for the Republic of Ecuador.

The transaction represents Republic of Ecuador's first return to the international capital markets since it restructured its outstanding bonds in 2020. The dual-tranche bond issuance totaled US$4 billion, with approximately US$3 billion allocated to fund a tender offer for Ecuador's existing 2030 and 2035 bonds.

The cross-border Clifford Chance team was led by partners Deborah Zandstra in London and Jon Zonis in New York, along with senior associates Azam Taiyeb and James Kelton, associate Alexandra Machado, foreign law clerk Natalie Jana Deradi and trainee Caitlin Maxwell.