JPMorgan Joins Barclays in Cutting Ecuador Bonds on Lower Oil

JPMorgan Chase & Co. downgraded its recommendation on Ecuador’s debt to market-weight from overweight, saying investors should take profits in dollar bonds from the South American country amid lower oil prices.

• “We now take profits on Ecuador, taking advantage of the mini-recovery back to local highs in bond prices this week,” strategists including Luis Oganes and Jonny Goulden write in a report Friday
• Strategists had been holding a bullish view on Ecuador’s notes since Aug. 2023
  • On May 1, Barclays Cuts Ecuador Debt to Marketweight on Oil Slump
  • On Apr. 16, Tariff Chaos Is Roiling Emerging-Market Debt Tied to Oil ...