Colombia Launches Local Swap

The Colombian government has launched an offer to swap local 2009 and 2011 fixed-rate TES bonds for new 2012 and 2018 notes. The operation aims to increase the liquidity of longer-term TES bonds. The government is conducting the exchange through the brokers that are part of its existing market maker program, with the results set to be announced Wednesday. A finance ministry spokesperson declined to indicate a target amount for the swap, saying only that eligible outstanding 2009 and 2011 TES total about COP7trn ($2.9bn).