Colombia

Colombia’s finance ministry has turned to a former employee to run the public credit office after the previous chief funding official resigned last week.

Argentine lender Banco Hipotecario and Colombian utility EPM sold local currency deals on the international market this week but market participants said a limited buyer base is restricting momentum in these types of trades.

Empresas Públicas de Medellín (EPM) offered an attractive premium to the Colombian government, said analysts, after beating FX volatility to issue the largest ever global Colombian peso deal on Tuesday.

Colombian lender Banco Davivienda sold $500m-equivalent of peso-denominated bonds in global markets on Thursday to kick off an expected flurry of global local currency deals from Latin American issuers.

A potential Costa Rican colón bond issue is arguably the most eye-catching of a flurry of global local currency transactions planned by Latin American borrowers as bankers say the bull market could hit new heights.

Colombia’s third largest lender Banco Davivienda is planning a peso-denominated issuance of up to $500m-equivalent a week after Bancolombia reignited FIG issuance from the country.

Colombia’s largest lender, Bancolombia, raised $750m of tier two subordinated bonds this week in the first Basel III-compliant transaction from the country.

One rare and one debut issuer from Latin America are meeting bond investors as bankers say that a quieter couple of weeks of activity is no indication of a slow end to the year.

Colombia’s largest bank will begin meeting bond investors next week as it looks to raise up to $1bn of dollar-denominated 10 year tier two notes to fund a tender offer for existing bonds.

After Uruguay’s success last week, pan-EM mobile and cable company Millicom raised hopes on Monday that more local currency supply would be on the way.

Emerging markets cable and mobile group Millicom International Cellular will look to price a $500m 10 year non-call five bond on Wednesday, according to bankers close to the deal.

Juan Carlos Echeverry has left his position as CEO of Colombian state-owned oil giant Ecopetrol.