The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.

Best sovereign borrower - Latin America

Republic of Colombia

Issuance in local currency is a major theme in the Latin American borrowers' awards this year. Pemex, GMAC Financiera and even supranational borrower of the year the Inter-American Development Bank all came to market with ground-breaking and innovative deals in local Latin currencies. But one borrower deserves to be singled out as being at the forefront of this particular trend, the Republic of Colombia.

Colombia was not the first sovereign to play the local-currency game – that was Uruguay. But it was Colombia that was responsible for taking the asset class from mere curiosity to trend.

Colombia's first Global TES deal, which came to market for $375 million in November 2004, is still the first deal that those in the know mention when they want to talk about what a good idea issuing in local currency to foreign investors can be. It was a blowout deal, upsized relatively modestly from $250 million despite a book significantly larger than that generated by Colombia's 10-year $500 million dollar bond in September.

The bond performed very well in the secondary market, but the real success of the deal was seen in the effect that this one $375 million bond had on the $25 billion local market for TES, as Colombian treasury bonds are known.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree