A Playground for Multilaterals
Enlightened regulation has made Colombia's debt market a launch pad for innovative new structures from domestic and international issuers.
Colombia is not many people's idea of a setting for a
sophisticated, well-regulated and highly innovative capital
market. To the outside world, Colombia is synonymous with civil
conflict and the drug trade. Some banks and multinationals even
ban senior executives from visiting the country. Government
officials became accustomed to coping with headline risk long
ago - all senior officials work in closely secured offices
and are escorted by guards armed to the teeth - but they
still struggle to convince international investors that
Colombia has built up one of the region's most sophisticated
capital markets. Colombia has shown a remarkable ability to
separate the world of business and high finance from the
violent struggles hundreds of miles away in the interior. The
government's recent successes in combating the guerrillas and
restarting growth has slowly started to make Colombia an
attractive place to invest in again. The Finance Ministry, the
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