Colombia’s capital markets remained active despite political noise and pre-election volatility, and Goldman Sachs distinguished itself by leading the country’s most complex sovereign financings while delivering record-setting corporate issuance and transformative M&A.
“We have built the leading DCM franchise in Colombia with issuances that on an aggregated basis accounted for nearly $11 billion between the sovereign and corporate players,” says David Gómez, Vice President in Goldman Sachs’ investment banking division covering Colombia. “It was a really good year in Colombia, despite some of the noise and volatility” ahead of the May 2026 elections.
Among Goldman’s defining achievements over the past year was its role in the Republic of Colombia’s $9.4 billion total return swap, an innovative Swiss franc–denominated structure that enabled the sovereign to repurchase its own bonds at a deep discount while generating positive carry – one of the most sophisticated liability management exercises ever executed by a Latin American sovereign.
The bank also led Colombia’s largest bond issuance on record: a dual-tranche senior unsecured offering totaling $3.8 billion, allowing the government to complete its 2025 financing program and refinance 2026 maturities ahead of market volatility. The transaction reopened international markets for Latin American sovereigns after a period of global risk aversion and attracted a heavily oversubscribed, high-quality orderbook.
“We worked on multiple offerings for the Republic of Colombia as part of its liability management program throughout the year. These issuances represented the largest in history of Colombia to date,” Gómez says.
In the corporate sector, Goldman structured and led Nutresa’s inaugural $2 billion dollar dual-tranche bond, the largest corporate issuance in Colombian history, followed by a $1 billion reopening. The proceeds refinanced a bridge loan tied to a landmark LBO-style transaction and introduced innovative metrics, including pro forma adjusted EBITDA, to broaden investor participation.
Goldman also executed a $1 billion new issue and a $1.1 billion exchange offer and consent solicitation for Avianca, refinancing post-bankruptcy debt and easing covenant restrictions. The transaction was secured by first-priority liens on strategic assets and showcased Goldman’s liability management expertise in the aviation sector.
M&A remained another pillar of the franchise. Goldman advised Sacyr on the $1.6 billion dollar sale of three public-private partnership toll road assets to Actis, crystallizing value and repositioning Sacyr’s regional portfolio. The bank also advised Millicom on its $400 million acquisition of Colombia Telecomunicaciones from Telefónica, creating a stronger number two telecom operator with scale to support nationwide network investment, a turning point for Colombia’s telecom consolidation.
Fernando Bravo, Head of the Andean Region and Latin American Infrastructure, says the outlook remains constructive. “Even though there continues to be political and social volatility and we have a heavy electoral calendar next year, we believe that there is going to be quite a bit of activity in financing, capital markets and on the strategic side in sectors like natural resources and infrastructure.”
Since opening its representative office in Bogotá in 2020, Goldman Sachs has built an on-the-ground team covering sovereigns and corporates across infrastructure, energy, financial institutions and consumer sectors. The firm’s ability to integrate advisory, debt capital markets and structured finance has positioned it as Colombia’s reference institution for complex transactions.
From sovereign innovation to corporate landmark issuance and transformative M&A, Goldman Sachs delivered the most consequential deals of the year in Colombia. For redefining liability management, setting new issuance records and reshaping key industries, it is Investment Bank of the Year for Colombia.