Sovereign Report

Sovereign Report


Colombia Swaps, Issues, and Reopens Colombia carried out an impressive domestic debt exchange in June reducing its financing needs for next year. The government exchanged $2.45 billion in debt for either three-, five- or 10-year Títulos de Tesorería (TES) notes. Slightly more than half of the new debt was exchanged for 10-year TES notes with a 7.8% coupon. A further 30% of debt was swapped for three-year notes with a 15% coupon and the remaining 13.6% was placed in five-year notes. The exchange restructured 19% of the government's total domestic debt. Two-thirds of the debt was due through 2002, an election year, when interest rates usually rise. Salomon Smith Barney advised

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