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COLOMBIA: Electoral Authority To Probe Petro’s Campaign Financing

COLOMBIA
BulletEM BulletEmerging Market News
  • The Colombian peso came under some pressure yesterday amid the slide in oil prices. USDCOP closed 0.29% higher at 4227, although the pair had traded as high as 4254 earlier in the session. BBVA sees the potential for a further rise in USDCOP, but they note that the peso’s carry remains high and this week’s inflation data are unlikely to spur any real urgency from BanRep to accelerate the easing cycle.
  • Meanwhile, magistrates at the country’s electoral council voted to open an investigation over President Petro’s campaign financing yesterday. The case concerns alleged irregularities in the financing of the President’s 2022 campaign, as well as unreported campaign spending that is against electoral rules. Ecopetrol CEO Ricardo Roa, who headed the campaign, will also face a probe. If found guilty, the electoral authority can impose administrative sanctions on Petro, but it cannot oust him.
  • In other news, Ecopetrol sold $1.75bn of dollar notes yesterday to help fund the repurchase of existing bonds maturing in 2026 and prepay loans. The state oil company sold notes maturing in 2032, which were expected to yield around 7.65%. Ecopetrol last sold dollar bonds in January, when it issued $1.85bn to help fund the purchase of debt with a shorter maturity.
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  • The Colombian peso came under some pressure yesterday amid the slide in oil prices. USDCOP closed 0.29% higher at 4227, although the pair had traded as high as 4254 earlier in the session. BBVA sees the potential for a further rise in USDCOP, but they note that the peso’s carry remains high and this week’s inflation data are unlikely to spur any real urgency from BanRep to accelerate the easing cycle.
  • Meanwhile, magistrates at the country’s electoral council voted to open an investigation over President Petro’s campaign financing yesterday. The case concerns alleged irregularities in the financing of the President’s 2022 campaign, as well as unreported campaign spending that is against electoral rules. Ecopetrol CEO Ricardo Roa, who headed the campaign, will also face a probe. If found guilty, the electoral authority can impose administrative sanctions on Petro, but it cannot oust him.
  • In other news, Ecopetrol sold $1.75bn of dollar notes yesterday to help fund the repurchase of existing bonds maturing in 2026 and prepay loans. The state oil company sold notes maturing in 2032, which were expected to yield around 7.65%. Ecopetrol last sold dollar bonds in January, when it issued $1.85bn to help fund the purchase of debt with a shorter maturity.