BEST LOCAL CURRENCY FINANCING

BEST LOCAL CURRENCY FINANCING

Brazil Chile Colombia Bonds Corporate & Sovereign Strategy

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. "Early in the year there were signs of demand, as the currency rallied and interest rates were low in the developed world, so investors told us the

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