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October CPI Scheduled, 4x Demand For New ESG USD Bond Issue

COLOMBIA
  • Colombia’s inflation rate is expected to have declined to 10.6% Y/y in October from 10.99% in September. Furthermore, Core CPI is also seen declining to 10.62% Y/y from 10.88% in the prior reading.
  • Analysts note that falling domestic demand, accumulated peso appreciation and base effects should account for most of the decline. Gasoline prices provided some relief in October, but are expected to increase again in November; that and strong indexation will limit the downside ahead.
  • Regarding the outlook and highlighted by BanRep’s most recent minutes, “increases in inflation expectations are associated, among other factors, with perceived risks such as the El Niño phenomenon, the decision to establish the minimum wage above the observed inflation, and the necessary adjustments to fuel prices”.
  • Data is due to be released after the close at 2300GMT/1800ET:
    • October CPI YoY, est. 10.60%, prior 10.99%; MoM, est. 0.36%, prior 0.54%
  • ESG USD Benchmark Issue Receives Over Four Times Required Orders -- According to a person familiar with the matter and reported by Bloomberg on Tuesday, Colombia received orders of about $11 billion for its first dollar-denominated sale of ethically-linked bonds. That’s over four times the $2.5 billion the Latin American nation plans to raise by selling debt maturing in 2035 and 2053 and with coupons of 8,000% and 8,750% respectively.
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