THE REPUBLIC of Colombia wrapped up its 1998 borrowing needs this week with a $500m seven non-call two Yankee bond with a quarterly resettable coupon. The deal, led by Goldman Sachs and Merrill Lynch, follows similar successful offerings by the Republic of Argentina, BNDES and Pemex, carrying coupons that reset to provide investors with emerging market yields, but less price volatility.
July 31, 1998