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Bond Market News
Ecopetrol’s Dollar Bond Issuance Delayed
October 10, 2024
Ecopetrol’s $1.75bn dollar bond issuance has been delayed after Colombia’s electoral council launched an investigation into the nation’s President Gustavo Petro and Ecopetrol’s CEO Ricardo Roa. The investigation concerns alleged violations of financial limits from the President’s 2022 campaign. While the deal was being finalized and launched earlier, banks are now said to be gauging investor interest again due to the investigation. Ecopetrol said that the transaction was ongoing, but specific plans for proceeding were unclear.
Ecopetrol’s dollar bonds traded weaker by ~0.5 points across the curve with its 8.875% 2033s at 105.3, yielding 7.9%.
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