COLOMBIA |
Record breaking bond issue. On 21 January the Colombian government announced that it had successfully placed US$2bn in 30-year sovereign bonds in international markets, the largest bond issue of its kind by any Latin American country ever. The result is an unquestionable boon for the government led by President Juan Manuel Santos as it serves as evidence that investor confidence in the country’s economic management is strong. Indeed the fact that this vote of confidence comes as Colombia prepares to hold legislative elections on 9 March and presidential elections on 25 May, in which Santos is standing for re-election, is surprising. Yet Colombia’s economy is in good condition, averaging annual growth rates of over 4% in the last couple of years, and investors appear to believe that this will continue to be the case regardless of who is in the Casa de Nariño.
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