Hogan Lovells advises Republic of Ecuador on its historic return to the international capital markets

The new offering of sovereign bonds consisted of two new series of debt securities with a total aggregate principal amount of US$4 billion issued pursuant to Rule 144A / Regulation S as follows:

• US$2.2 billion aggregate principal amount of 8.750% Notes due 2034; and

• US$1.8 billion aggregate principal amount of 9.250% Notes due 2039

These two issuances mark a successful return to international capital markets by the Republic after an absence of several years.

In addition, the firm also advised the Republic on a successful related cash tender offer for two series of the Republic’s outstanding sovereign bonds with a maximum aggregate purchase price of US$3 billion. The new notes offering and the tender offer both closed on 29 January 2026.

More information on the transaction can be found here.

The Hogan Lovells deal team was led by partners Ben Garcia (Capital Markets, New York and Miami) and Bruno Ciuffetelli (IERP, Houston), with support from partners Jorge Diaz-Silveira (IERP, Miami), Scott Lilienthal (Tax, Pensions, & Benefits, Washington, D.C.), and Aleksander Dukic (International Trade & Investment, Washington, D.C.), senior counsel Gonzalo Rodriguez-Matos (LAE, New York), senior associates Kat Tyurin and Pablo Castiella (both Capital Markets, New York) and Mariana Avendano (M&A, Houston), and law Clerk Ana Laura Pongeluppi (Capital Markets, New York).