New name but no change in fortunes for Colombia’s Pacific

Oliver West

August 20, 2015 07:30 am

Puerto Gaitan, Pacific Rubiales — In this Feb. 13, 2015 photo, a man rides along a round about with a concrete arch at the entrance of Puerto Gaitan, Colombia. Soaring oil prices the past decade transformed this rural backwater into Colombia¬ís richest city as nearby fields pumped black gold, drawing new businesses, international pop stars and vanity art projects such as the biblical-themed arch that towers over these sweltering grasslands. Now, crashing crude prices have the 45,000 residents of Puerto Gaitan bracing for a big fall. (AP Photo/Fernando Vergara) | Fernando Vergara/AP/Press Association Images

Colombian oil company Pacific Rubiales’ decision to change its name may be a “milestone” for the company’s CEO but it means nothing to bondholders who appear ever more pessimistic that the issuer’s bonds will survive lower oil prices in tact.

Unlock this article.

The content you are trying to view is exclusive to our subscribers.

To unlock this article:

Request a Free Trial or Login

Topics

Colombia News content LatAm Bonds Emerging Markets LatAm

OW

Oliver West

US Bureau Chief - Latin America Editor