Colombia
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Investors saw Colombia’s decision to hit international bond markets on the day a national strike was planned as a statement of intent. But concerns over social unrest, or indeed a challenging fiscal outlook, paled into insignificance as yield hungry investors took the chance to buy into what remains an economic outperformer in Latin America.
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Colombia made its usual January bond market outing on Tuesday, unperturbed by protests across the country and capturing strong demand despite some indications of worry about the long-term fiscal picture.
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Colombian holding company Grupo Aval could return to bond markets for the first time in eight years after mandating banks to manage investor meetings.
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Generation company Termocandelaria Power Limited (TPL) returned to capital markets on Thursday to start Colombian bond issuance for the year. The sovereign is expected to follow suit soon.
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Colombia’s largest lender Bancolombia said it wants return to bond markets to finance a buy-back of a senior bond maturing in 18 months.
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Termocandelaria Power Limited, the Colombian generation company, is seeking to add up to $200m to its existing bonds and has mandated two banks to lead the reopening.
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Another Latin American borrower was set to price dollar deals this week as GlobalCapital went to press, as smaller issuers took a rare opportunity to hold the full attention of investors.
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Bonds issued by Avianca traded up this week after the Colombian airline completed the final stage of a complex restructuring, effectively giving it permission to push out a looming bond maturity by three years.
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Colombian lender Bancolombia made a late year dash to international markets on Tuesday as it sold Basel III-compliant subordinated notes to fund the buy-back of old style tier two bonds.
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Colombian airline Avianca has finally completed negotiations with existing creditors, allowing it to wrap up a much-anticipated $250m loan from United Airlines and Kingsland Holdings as well as $125m in financing from new investors.
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Colombia’s largest lender, Bancolombia, became the second Latin America bank in two days to announce new issue plans on Tuesday. Similar deals could follow, say DCM bankers.
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Empresa de Telecomunicaciones de Bogotá (ETB), the Colombian telecoms company majority owned by the City of Bogotá, is looking to buy back up to Ps400tr ($120m) of its global local currency bonds.