Ecuador reached a preliminary agreement with some of its largest bondholders to restructure $17.4 billion in outstanding debt, Bloomberg News reported. The nation intends to exchange 10 existing bonds maturing between 2022 and 2030 for three new notes due in 2030, 2035, and 2040, reducing the average coupon rate to 5.3 percent, according to a government statement. The plan still needs to be approved by a share of the remaining bondholders. Funds managed or advised by AllianceBernstein, Ashmore Group Plc, BlackRock Inc., BlueBay Asset Management LLP and Wellington Management Company LLP were among those supporting the deal, according to the ministry. Discussions continue with other bondholder groups. “With this, we’re freeing up $16 billion over the coming 10 years,” said President Lenin Moreno via Twitter. The terms of the new bonds are expected to provide Ecuador with significant liquidity relief to recover from the current crisis, the finance ministry added. Read more.