LatinNews Daily - 10 January 2024

In brief: Colombia’s Ecopetrol sells bonds as part of debt buyback strategy

*Colombia’s state oil company, Ecopetrol, has announced that it has successfully placed bonds totalling US$1.85bn on the international market. The company will use the funds from the bond sale to finance the repurchasing of bonds due in 2025, as part of a broader refinancing strategy. The bonds sold yesterday fall due in 2036, with an 8.45% yield. The buyback of 2025 bonds will remove short-term maturity risks and is aimed at shoring up investor confidence after a difficult year, with Ecopetrol’s profits slumping by 46.5% year-on-year in Q3 2023.

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