Colombia Content with Bond Exchange

Colombia has swapped via auction TES bonds with maturities between 2009 and 2018 with COP4.33trn in new bonds maturing in 2012, 2014 and 2024, the finance ministry says. Though less than 8% of the COP56.7trn total amount of eligible bonds outstanding, the sovereign appears content. William Ortiz, sub-director of internal financing at the ministry of finance says he is satisfied with the outcome, which is better than expected, especially considering global market conditions. The COP992bn issue of 2012 bonds have a yield of 8.12%, COP1.53trn in 2014 bonds have an 8.80% yield and COP1.81trn 2024 bonds have a yield of 9.75%. The operation follows January’s swapping of COP3.71trn in 2009-2011 bonds for new 2012-2018 notes.