Close Close

Life Health > Life Insurance

Fried chicken backed bonds not enough for Correa: Andes Credit

Your article was successfully shared with the contacts you provided.

Ecuador’s President, Rafael Correa, a self-described “socialist revolutionary” has called bond investors “true monsters” in the past but is now going even further with a proposal that would prohibit the sale of securitized debt if the bond is not backed by a hard asset. Bonds backed by future cash flows for restaurant chains such as KFC and Cinnabon would be banned under the law.