Aval Bond Yield Calms Down Six Months After Auditor Death: Chart

Grupo Aval Acciones y Valores SA’s bond spreads have returned to where they were before a sell-off triggered by the death of an auditor who’d flagged suspicious payments on one of its highway projects. Aval’s U.S. dollar bonds maturing in 2022 have returned 11% this year, as Colombia’s biggest banking group reported surging profits. Similar-maturity bonds of Bancolombia SA, Aval’s main competitor, returned 5.2% over the same period. Aval denies that it knew of illegal activity by its partner on the highway, Brazil’s Odebrecht SA, and says it’s cooperating with a U.S. Department of Justice investigation.