Colombia Seeks to Term out with COP Swap

Colombia is offering to swap via auction Wednesday its peso-denominated fixed and floating rate TES bonds maturing between 2009 and 2018 with new bonds maturing in 2012, 2014 and 2024. The total amount of eligible bonds is COP56.7trn ($24bn) but the government has not indicated how much it expects to be exchanged. The operation follows January’s swapping of COP3.71trn in 2009-2011 bonds for new 2012-2018 notes. The aim is to consolidate domestic debt at the 2012, 2014 and 2024 points on the curve, the government says. The 2024 bond represents a new point on Colombia’s domestic curve.