Colombia Buys Back $2.9B in Bonds in Plan to Ease Debt Load

Colombia repurchased sovereign bonds with a face value of $2.9 billion in a tender offer that expired on Friday, part of the government’s strategy to ease the debt burden as it steps up spending.

The aggregate purchase price for the tendered bonds was $1.9 billion, according to a statement by the country’s Finance Ministry. The operation focused on the longer end of the curve and produced a “nominal debt discount capture” of about $1 billion, the statement adds. It will be settled on Thursday, Aug. 14.