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“By doing the right transactions, by changing the currency mix and extending the curve, we are back in the minds of foreign investors” Felipe Sardi, Colombia |
Eighteen months ago, Colombia’s debt profile appeared a trifle misshapen. Symptoms included an unhealthy mix of liquid and illiquid bonds, too much outstanding Eurobond debt and a 50 to 60 basis points spread between the global and the local yield curves for its peso-denominated treasury bonds. Felipe Sardi, the director of public credit, who left on April 15 to work with the Colombian federation of coffee growers, believes that his successor inherits a patient in much better condition.
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