Ecopetrol Spread Lures Avid Buyers

Ecopetrol Spread Lures Avid Buyers

Europe

Following the conclusion of a US and European roadshow Wednesday, Ecopetrol was heard receiving more than $4.0bn in orders for its new $1.5bn 2019 bond, for which it has circulated guidance of 425bp area over US treasuries. The deal should price today, and 425bp would mean a yield of 7.85%, based on treasury prices late Wednesday. Investors looking at the deal expect some tightening, however, as 425bp is seen as a bit cheap to Colombia’s curve. Colombia’s sovereign 2019 traded at around UST+300b

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