QUITO: Ecuador’s bonds led losses in emerging markets Monday after voters rejected President Daniel Noboa’s proposals for constitutional reform – a sharp and surprising repudiation of his attempt to consolidate power.
In a nationwide referendum, Ecuadorians spurned Noboa’s proposals to create a new constitutional assembly, to allow the return of foreign military bases, to end a state fund for political parties and to slash the number of lawmakers.
The results defied polls showing all four measures would pass.
With the shock loss, notes due in 2035 slumped two US cents to 78.4 US cents on the dollar, according to indicative pricing data collected by Bloomberg. — Bloomberg
