Hogan Lovells advises Republic of Ecuador on completion of US$1 billion dual-tranche bond reopening

Press releases | 13 May 2026

New York – Global law firm Hogan Lovells has advised the Republic of Ecuador (the “Republic”) on the successful completion of a US$1 billion dual tranche bond reopening (collectively, the “Reopened Notes”), consisting of a US$500 million reopening of its 8.750% notes due 2034 and a US$500 million reopening of its 9.250% notes due 2039.

The transaction, which closed on 11 May, provides the Republic with additional funding while increasing the outstanding size and liquidity of its existing bonds.

The Reopened Notes were issued as additional notes and will be consolidated to form a single series with the Republic’s outstanding US$2.2 billion 8.750% notes due 2034 and US$1.8 billion 9.250% notes due 2039 originally issued in January 2026 (collectively, the “Initial Notes”). Hogan Lovells also advised the Republic on the Initial Notes offering.

“We are proud of our longstanding relationship with the Republic of Ecuador, which reflects the trust we have built advising on complex matters,” said partner Ben Garcia. “This transaction underscores both the depth of that relationship and the strength and reach of our Latin America practice, which is uniquely positioned to support clients across the region.”

The Hogan Lovells deal team was led by partners Ben Garcia (Capital Markets, New York/Miami), Bruno Ciuffetelli (IERP, Houston), Jorge Diaz-Silveira (IERP, Miami), Scott Lilienthal (Tax, Pensions & Benefits, Washington, D.C.), senior counsel Andrew Carey (Capital Markets, London), counsel Meredith Hines (Capital Markets, New York), senior associates Pedro Martínez Rubí (IERP, Miami) and Mariana Avendaño (M&A, Houston), associate Mae Espinosa (IERP, Miami), and law clerk Ana Laura Pongeluppi (Capital Markets, New York).

This transaction comes on the heels of the firm’s recent representations of the Republic of Ecuador in connection with both the Initial Notes offering and related cash tender offer, which represented the Republic’s historic and successful return to the international capital markets after an absence of several years, and the “International Housing Financing in Ecuador” financing, a sovereign credit facility of US$500 million structured to expand access to affordable and climate-resilient housing for low- and middle-income households.