Colombia is one of few emerging market countries who have been levied prepayment penalties. In its aim to reduce debt servicing costs and lengthen the maturity of its debt, Colombia paid $7 million in prepayment penalties in the early 1990s. In April 1993 the Republic launched its first Eurobond issue, and has since maintained an active presence in the markets. That same year Colombia placed Samurai bonds in Japan and Yankees in the US totaling almost $1 billion.
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