Around COP5trn ($2.3bn) in corporate Colombian debt will mature in 2011 and need to be refinanced. According to Francisco Chaves, fixed income strategist at Bogota-based shop Corredores Asociados, that number is slightly higher than the 2010 figure. However, the total volume of local bond issuance is expected to drop slightly in 2011. Many Colombian companies have already issued debt in 2009 and 2010 to cover their financing needs, according to another Bogota-based strategist, and may not need to return to the debt market in 2011. According to Chaves, total issuance in 2011 could fall to COP10-12trn, down from COP13.6trn in 2010 and COP13.7trn in 2009. Colombia’s central bank may also begin tightening its rate next year, according to the strategist, which could also play a factor in reduced 2011 issuance. A rate hike may not occur until later in the year, however, and would still remain near historic lows, the strategist adds. The rate currently stands at 3.00%.