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Bond Market News
Colombia Plans Buyback of $4bn of Eurobonds
April 14, 2026
Colombia is planning a tender offer for $4bn of its eurobonds in the near term, according to its public credit director Javier Cuellar. The update follows a local market buyback of COP 5.4tn ($1.5bn) in TES bonds completed the prior week. Cuellar said the government will target the cheapest segments of the yield curve for its external market purchases, as part of a broader debt liability management strategy. Colombia currently has just over $43bn in dollar and euro-denominated bonds outstanding. Cuellar also reaffirmed his intention to unwind a controversial $9.3bn total return swap before the May presidential election, noting that roughly half the position will have been unwound by the current week. On the fiscal front, surging oil prices present a meaningful windfall for Colombia, whose primary export is crude oil. If Brent averages above $100/bbl, Cuellar estimated the government could receive additional revenues equivalent to around 2% of GDP through taxes and dividends from state oil company Ecopetrol, net of fuel subsidy costs. This unexpected income could allow Colombia to reduce its bond issuance for the year while also building a liquidity cushion extending into 2027. Last week, S&P downgraded Colombia to BB- due to its rising debt burden.
Colombia’s bonds traded with a positive bias. The 5.625% 2044s were up 0.5 point to 82 cents on the dollar, yielding 7.5%
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