Ecopetrol Advances Local Debt Plans

Colombia’s Ecopetrol is seeking regulatory authorization to issue domestic bonds in order to increase its financing options, says a source familiar with the state oil company’s plans. Companies that register can issue within three years, the source says, adding that the request for authorization doesn’t necessarily mean a deal is on the way. The state-controlled Colombian oil producer – one of the few local non-financial issuers to make use of the local markets – last issued domestically in 2010, selling $556m-equivalent in 5, 7, 10 and 30-year bonds.