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Bond Market News
Colombia’s Dollar Bonds Surge as Banks Move to Buy Debt Amid Swap
August 29, 2025
Colombia’s dollar bonds rallied across the curve after six major banks launched a tender offer to buy their bonds, signaling the start of a swap transaction tied to government debt management plans. Its longer maturity bonds led the rally, up by ~3 points. The offer by BBVA, Santander, BNP Paribas, Citigroup, Goldman Sachs, and JPMorgan covers maturities from 2027 to 2061 at fixed prices below par, plus accrued interest. The purchases are linked to total return swap agreements that may support Colombia’s plan to secure up to $10bn in CHF funding. Economists say the structure could lower debt service costs by swapping discounted bonds for cheaper obligations, though details remain unclear. The tender runs until September 3, and is said to help offer near-term relief. However, economists caution that long-term fiscal challenges remain unresolved.
Colombia’s 5.2% 2049s were up 3 points to trade at 73.5, yielding 7.6%.
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