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Nation's $1 Billion Bond Tap Sees 4x Demand

COLOMBIA
  • Colombia tested investor appetite Thursday with its first offering in the overseas market since losing its investment-grade status. The nation sold $1 billion more of its dollar bonds due in 2049, to yield 5.125%, according to Public Credit Director Cesar Arias.
  • Demand for the bonds was more than four times the amount offered and completes the nation's plan for international debt sales this year, he said.
  • Arias added in a phone interview, "We had a very successful return to international markets". He pointed to the approval of a tax bill last month, the nation's strong economic growth, and high oil prices -the country's biggest export- as reasons behind the high demand for the securities.
  • The country had previously sold a net $1.6 billion of bonds in the overseas market in January and $3 billion in April. 40% of the proceeds from Thursday's offering will fund the 2022 budget, according to Arias. The bonds due 2049 were sold to yield almost 10 basis points less than the 5.22% when they were first offered in 2019, said Arias. (BBG)
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