Credit Suisse has bought up $1.6 billion worth of Ecuador's bonds, freeing up cash for conservation of the country's unique Galapagos Islands in what is set to be the biggest debt-for-nature swap ever struck.
The plans sees three of Ecuador's big government bonds, which have slumped in value this year due to a political crisis in the country, being bought at deep discount with the savings going into one of the world's most precious ecosystems and the inspiration for Charles Darwin's Theory of Evolution.
Thursday's buyback saw just over $1 billion in face value of Ecuador's 2035 bond repurchased at 38.5 cents on the dollar, $202 million of a 2030 note bought at 53.25 cents and $420 million of a 2040 bond bought at 35.5 cents, Credit Suisse said. The Inter-American Development Bank and U.S. International Development Finance Corporation were also said to be in talks to give "credit guarantees", the crucial ingredient for bringing down Ecuador's borrowing costs on the expected 'blue' bond.an $85 million guarantee approved last year for a "Sustainable Development and Biodiversity Program in Ecuador"
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