Colombia: Bond Sales to meet 2015 Budget

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Colombia’s Finance Minister, Mauricio Cardenas. Photo: Business Week

According to Bloomberg, Colombia sold $1 billion of bonds overseas to fund their quota needed for the 2015 budget. After revising their fiscal accounts and financing in 2013 has lead Finance Minister Cardenas to layout a new fiscal plan for this coming year. Cardenas had said to Reuters,

This financing plan is a pathway to a reduction in deficit levels and public indebtedness that ratifies the Colombian government’s commitment to responsible management of its public finances,” Cardenas said of the changes to this year’s financing plan. He did not provide details on the increase in debt in 2014.

As from the previous post, it is apparent that Colombia has relentlessly been putting itself on the market despite the fact that many investors have been pessimistic towards the weak global market. With the help of Citigroup Inc. and Goldman Sachs Group Inc. has already sold the first $1 billion out of a goal of $3 billion of overseas bonds to meet overseas debt for its 2015 funds needed.

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