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President Petro In Davos, November Economic Activity Eyed

COLOMBIA
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  • President Gustavo Petro speaks in panels on Leading the Charge through Earth’s New Normal and Leadership for Latin America in the World Economic Forum. He will be accompanied by Finance Minister Jose Antonio Ocampo and Energy Minister Irene Velez.
    • Worth highlighting the Finance Minister’s comments to Reuters on Tuesday where Ocampo said the central bank does not need to raise the policy rate beyond its current level of 12% as inflation would have peaked.
    • It is worth noting that despite Ocampo being a member of the BanRep board, he also indicated that interest rates were “sufficiently high” back when the overnight rate was 200 bps lower at 10%.
    • Market consensus for next week’s BanRep decision remains for a 100bp rate hike to 13.00%.
  • On the domestic data docket, DANE publishes economic activity data for November where economists in a Bloomberg survey expect a 3.5% increase compared to 4.6% in October.
  • Ecopetrol announced the start of a tender offer to purchase up to $1b aggregate principal of outstanding 5.875% senior notes due 2023, according to a filing. This comes after the state oil company issued $2b of 10-year bonds last week.
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  • President Gustavo Petro speaks in panels on Leading the Charge through Earth’s New Normal and Leadership for Latin America in the World Economic Forum. He will be accompanied by Finance Minister Jose Antonio Ocampo and Energy Minister Irene Velez.
    • Worth highlighting the Finance Minister’s comments to Reuters on Tuesday where Ocampo said the central bank does not need to raise the policy rate beyond its current level of 12% as inflation would have peaked.
    • It is worth noting that despite Ocampo being a member of the BanRep board, he also indicated that interest rates were “sufficiently high” back when the overnight rate was 200 bps lower at 10%.
    • Market consensus for next week’s BanRep decision remains for a 100bp rate hike to 13.00%.
  • On the domestic data docket, DANE publishes economic activity data for November where economists in a Bloomberg survey expect a 3.5% increase compared to 4.6% in October.
  • Ecopetrol announced the start of a tender offer to purchase up to $1b aggregate principal of outstanding 5.875% senior notes due 2023, according to a filing. This comes after the state oil company issued $2b of 10-year bonds last week.