Colombia

Sellside bankers desperate to generate business in a stormy LatAm debt market will have been pleased. For as a lesson for issuers in the benefits of sacrificing a few basis points in the interests of getting a deal done, Colombia’s long 10 year on Monday was as good as they come.

Latin America bankers observing Colombia’s latest bond issue had no complaints about execution but said that the deal was evidence of the higher concessions that the region’s issuers must pay amid EM and commodity-related volatility.

The issuer formerly known as Pacific Rubiales fell just one notch away from triple-C status on Wednesday after Moody’s downgraded the borrower by three notches from Ba3 to B3 and kept it on negative outlook.

Project bond supply could be on the way from Colombia after Goldman Sachs committed to provide $1.2bn for the first leg of the financing of the country’s $25bn so-called 4G infrastructure programme.

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.

Project bond supply could be on the way from Colombia after Goldman Sachs committed to provide $1.2bn in the first leg of financing for the country’s $25bn so-called 4G infrastructure programme.

Colombian state oil company Ecopetrol has hired María Fernanda Suárez Londoño, a former head of the country’s public credit unit, as corporate vice-president of finance and strategy.