The banking unit of Ecuador’s state-run pension fund is seeking to raise $200 million in a sale foreign bond sale by 2012, Bloomberg reports. Lenders Citigroup and JPMorgan Chase & Co. are some of the issue managers.

Banco del Instituto Ecuatoriano de Seguridad Social (BIESS) will use the proceeds to increase spending on local infrastructure projects and lending to members. The bonds will be the first notes sold in international markets by an Ecuadorian government agency since the country defaulted on $3.2 billion of debt three years ago.

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