The IESS, or the Social Security Establishment in Ecuador, funds 37% of their budget with oil revenues.
If the price of Oil falls under $79 a barrel the government may issue 12 year 7.5% earning bonds in order to help pay the pensions owed through the Ecuadorian Social Security system.
Currently, the price of oil is at $81.
I personally wouldn’t touch these bonds with a 10 foot pole, the risk-reward just doesn’t add up for me based on other more interesting investment opportunities available locally.
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