Andean Group - January 2026

COLOMBIA | Record bond sale. Colombia’s finance ministry carried out the largest bond issuance in the country’s history on 13 January, placing US$4.95bn in bonds. These consisted of US$2bn in bonds falling due in 2029, with a coupon rate of 5.375%; US$1.475bn falling due in 2031 with a coupon rate of 6.125%; and US$1.475bn falling due in 2033 with a coupon rate of 6.50%. The finance ministry said that strong demand for the bonds reflects “good appetite” for Colombian debt and demonstrates investor confidence in the country’s economy. It said that funds raised through the bond issuance will cover “a large part” of financing needs for this year. There were doubts as to how the 2026 budget would be funded, and the government had planned tax hikes to raise an additional Col$16tn (US$4.38bn) this year to cover a budget shortfall. President Gustavo Petro is opposed to spending cuts which might harm the chances of Senator Iván Cepeda, the candidate for the ruling left-wing Pacto Histórico in the May presidential election.

ECUADOR | Chinese oil contract extended. Ecuador’s energy and environment ministry has announced the extension of an oil production contract with Chinese firm PetroOriental until 2040. As part of this agreement, PetroOriental committed to investing US$36m in new exploration activities, increasing production, and social programmes and compensation actions in the Ecuadorean Amazon. The contract relates to the Block 14 concession in Orellana province. According to the government, the site is expected to produce an accumulated 8.4m barrels of oil by 2040, with PetroOriental committing to drilling five new wells. Energy and Environment Minister Inés Manzano said that the extension of the contract “enables long-term investments, maximises the recovery of reserves, and ensures operational stability in the oilfield”.

Andean countries: inflation rate
Percentage variation (year-on-year)

Andean countries: GDP growth (%)
Quarterly figures are year-on-year growth