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BEST LOCAL CURRENCY FINANCING

Jan 1, 2011

Colombia paved the way for LatAm issuers in April with an $800 million 2021 equivalent global TES bond. It braved the market to issue the first global local currency deal from LatAm since 2007, according to Dealogic.

The transaction was so successful that three months later Colombia re-tapped for a further $500 million equivalent in July. Being the first to re-open the market was a risk, so it was important to be sure investors liked the currency and were ready to buy.

The deal’s success demonstrates elevated investor appetite for local currency assets and faith in the strength of Colombia’s currency and economy, in the context of low G3 rates. The March 2010 amortization of $653 million equivalent in global TES notes also boosted technicals.

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