Sovereign Report

Sovereign Report

Bonds

Colombian Swaps Short-Dated Bonds In May, Colombia swapped $600 million in dollar-denominated short-dated bonds for longer-dated Colombian peso bonds to improve the maturity profile of its public debt. The government also set out to reduce its currency and refinancing risk by converting dollar debt into local currency debt. The exchange was originally planned for $250 million, but later more than doubled to $600 million. The transaction lengthened Colombia's debt profile to 6.3 years from 6.18 years previously. In May, the International Finance Corporation (IFC), the private sector arm of the World Bank, invested $2.2 million in mortgage-backed securities issued by Colom

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