Colombia Sells $1 Billion of Bonds Overseas to Fund 2015 Budget

Colombia sold $1 billion of bonds in overseas markets today to fund next year’s budget, the Finance Ministry said.

The Andean nation sold $500 million more of its dollar debt maturing in 2024 to yield 3.67 percent, the ministry said in an e-mailed statement. Colombia also sold $500 million more of its bonds due in 2044 to yield 4.85 percent. Demand totaled $7.7 billion, or 7.7 times the amount offered, which the government said was a record.

“While investors are pessimistic about weak global growth, they recognize that Colombia is an attractive place to put their money,” Finance Minister Mauricio Cardenas said in the statement.

With today’s offering, Colombia needs to sell $2 billion more to complete its plan to issue $3 billion in overseas debt for its 2015 funding needs. The government sold $2 billion of the 30-year bonds in January, completing its needs for this year.

Citigroup Inc. and Goldman Sachs Group Inc. managed the sale, according to a prospectus filed with the U.S. Securities and Exchange Commission.

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