Ecuador’s historic debt-for-nature swap was awarded “Natural Resources Finance Deal of the Year” at the Bonds, Loans and ESG Capital Markets Latin America and the Caribbean Awards 2023.  Dentons advised the Ministry of Economy and Finance of the Republic of Ecuador on the deal.

This landmark transaction involved the exchange of $1.628 billion of Ecuador’s sovereign debt for approximately $656 million in new sovereign debt, allowing the country to redirect approximately $323 million to comply with certain agreed sustainability commitments intended to enhance the conservation of the Galápagos Islands and their marine ecosystems.

Partners Jesús Mardomingo (Madrid), Yun Ma (Paris), and Rubén Eduardo Luján (Toronto) led Dentons’ multi-jurisdictional legal team on the deal with assistance from associate Lola Noguera (Madrid) and of counsel Carolina Barzola (Prague). The team also included partners Walter Van Dorn (New York),Luis F. Torres (Washington DC), Stephen Shergold (London), Rachel Juliet Welch-Phillips (Trinidad and Tobago), senior associate Annabel Hodge (London), and associate Amy Morin (London).

The awards ceremony took place in Miami on November 28, 2023. Partners Jesús Mardomingo, Yun Ma and Rubén Eduardo Luján accepted the award, alongside a representative of the Ministry of Economy and Finance of the Republic of Ecuador, and peers from some of the key institutions and other law firms, who worked on the deal.