Colombia Places $1 Billion 10-Year Bonds

Colombia has opened in 2007 financing by selling $1 billion of dollar-denominated 10-year bonds. The bonds were sold to yield 7.45%, a spread of 240 basis points above comparable US treasuries. The spread on Colombian dollar-denominated paper has widened from around 152 basis points in March, before emerging markets tanked. According to the finance ministry, this latest issue was three times oversubscribed. The deal was led by JP Morgan Chase & Co and UBS.