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Bond Market News
Ecopetrol’s Dollar Bonds Drop on Potential Risk from $2.2bn Tax Claim
May 6, 2025
Ecopetrol is facing financial risk from a $2.2bn tax claim by Colombia’s tax agency, DIAN. The issue pertains to value-added tax (VAT) on gasoline imports since 2022, as per the company’s workers union, known as USO. The union criticized the charge as a misinterpretation of tax law. Ecopetrol has not commented, while DIAN plans to issue a statement. The update comes amid Colombia’s rising fiscal pressures, with last year’s budget deficit hitting 6.8% of GDP, exceeding legal limits.
Its shares fell 1.7%, and dollar bonds fell by as much as 1.5 points. Its 8.875% 2033s fell by 1.3 points to 98.02, yielding 9.24%.
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