January 11, 2023 13:24 GMT
Ecopetrol Returns To Bond Market, USDCOP Weakens In Line With Softer USD
COLOMBIA
- Colombia’s state oil company paid a heavy premium to return to the global bond market for the first time since 2021.
- Ecopetrol SA sold $2 billion of 10-year, US dollar-denominated notes with a coupon of around 9%, around 539 basis points over similarly dated Treasury notes, according to people familiar with the matter. The driller last sold benchmark bonds in October 2021 at a spread of 307 basis points. (BBG)
- USDCOP played catch up following the market closure on Tuesday, weakening in line with the struggling greenback on Monday. Analysts continue to point to the psychological level of 5,000 capping the topside last week and strengthening its technical significance going forward.
- Consumer confidence data is expected to cross today. The figure is seen dipping to -26.4 compared to -24.8 one month ago.
- Central Bank's Economists Survey is due to be published on Friday ahead of the next central bank meeting on January 27.
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