BofA Prices $1 Billion in New Bonds for Ecuador Swap (1)

Bank of America Corp. sold $1 billion of bonds that will be used to finance a tender of some of Ecuador’s existing notes.

The deal is part of a so-called debt-for-nature swap, designed to help the country get access to cheaper financing and put the savings toward environmental conservation. The new debt was priced at a spread of 180 basis points over US Treasuries, down 10 basis points from initial negotiations, according to people familiar with the matter.

Principal on the 17-year notes will start to come due in eight years, the people said. Spokespeople for the finance ministry ...