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IBR Swaps Curve Re-Steepens Following Bonilla Remarks

COLOMBIA
  • The aforementioned remarks from Finance Minister Bonilla (BanRep member/voter) on potential cuts as soon as September have prompted a relief rally across the IBR swaps curve, which is re-steepening from its inverted state.
    • One & Two-year IBR swap rates have fallen 16 and 14bps respectively as traders adjust for potential easing that may come sooner than expected. The relatively dovish remarks have been unable to deter the currency, cementing its status as the best performing currency this year with a 1.25% advance. Bonilla noted overnight that he expects USDCOP to stabilize around 4,100 to 4,200 per dollar.
  • In a separate point worth noting, the finance minister also said on June 20 that he expected the country to continue extracting fossil fuels for an extended period, until it could establish reliable alternative sources of revenue.
    • Bonilla acknowledged Colombia’s ongoing dependence on crude oil and coal, which currently serve as the government’s primary sources of income via the export revenues, royalties and tax payments they generate. He also noted, though, that the government was considering diversifying its financing options by exploring new pathways not linked to fossil fuels, such as carbon credits and green bonds. (NewsBase)
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