Thursday, 19 March 2009

Colombia Swapped $1.8 Billion of TES Yesterday; Second-Round of Debt Exchange is Expected

Colombia, which in the past six years became the farm of President Alvaro Uribe, swapped yesterday $1.8 billion in domestic Treasury bonds, known as TES, to stretch out maturities through 2024 and avert billions of dollars in short-term debt repayments. More debt should be included in a second round of the swap. In the past six months, the government succesfully swapped over $4 billion of maturing bonds. Nice!

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