COLOMBIA · MARKETS
Key Facts
- —What is happening Colombia launched new dollar bonds due 2032, 2037 and 2056 on Monday, 26 October 2026, its first dollar bond sale since January. The amount and interest rate were not public when this was written.
- —Why it matters Colombia is selling dollar debt while its credit rating sits below investment grade at two of three major agencies, and the government is also cutting 2026 spending and swapping peso debt.
- —The numbers Each bond costs at least US$200,000. Spending cuts of 13.8 trillion pesos (about US$4.4 billion) were announced on 23 October, and the January sale raised US$4.95 billion.
- —Who is who Abelardo de la Espriella, Colombia’s conservative president since 7 August, and Finance Minister Miguel Gómez Martínez lead the sale, which BBVA, Itaú and J.P. Morgan banks run.
- —What to watch Watch for the final amount, interest rates and investor demand once pricing is complete, then for the third peso bond swap set for Thursday, 19 November.
- —Power Index Colombia ranks 6th of 14 in The Rio Times Latin America Power Index, with 51.9 points (October 2026 edition).
- —What it means for you US investors get a fresh read on what the market charges Colombia, a US security partner, to borrow in dollars, and the US$200,000 minimum keeps the new bonds mostly with large funds and banks.
Colombia has launched its first dollar bond sale under its new president. The amount and the interest rate are not yet public.
Colombia launched a new sale of dollar bonds on Monday, 26 October 2026. These Colombia global bonds are the country’s first dollar debt sale since January.
It is also the first under President Abelardo de la Espriella, a conservative who took office on 7 August. The size of the sale and its interest rate were not public when this was written.
Global bonds are debt that a government sells to investors around the world in US dollars. Colombia borrows abroad this way, rather than in pesos at home.
What the Colombia Global Bonds Offer
On Monday morning Colombia filed three draft offering documents with the US Securities and Exchange Commission, the American market regulator. They describe bonds due in 2032, 2037 and 2056, so investors would lend for about five, ten or 30 years.
The drafts leave the amount, the interest rate and the price blank, because those are set once investors place orders. Each bond costs at least US$200,000, so buyers are mostly large funds and banks.
The bonds are a direct, unsecured promise of the Colombian state, backed by its full faith and credit. Interest is paid twice a year, with the first payment in 2027.
Three banks run the sale: BBVA of Spain, Itaú of Brazil and J.P. Morgan of the United States. The documents say the money goes to general budget needs, not to a named project.
Why Colombia Is Borrowing Again
In January, under former President Gustavo Petro, Colombia sold US$4.95 billion of global bonds in three parts, its largest such sale ever. Those bonds, due 2029, 2031 and 2033, pay 5.375%, 6.125% and 6.5% interest.
In February, the public debt office said Colombia would not return to this market in 2026 except to manage existing debt. The new government has since worked on its payment calendar at home.
On Friday, 23 October, the Finance Ministry finished a second peso bond swap, and a third is set for Thursday, 19 November. In a swap, investors hand in bonds due soon for bonds due later.
On 23 October the president also announced Decree 1585, cutting 2026 spending by 13.8 trillion pesos (about US$4.4 billion). Conversions here use the 26 October rate of about 3,170 pesos per US dollar.
How Credit Rating Agencies See Colombia
Credit rating agencies grade how likely a government is to repay. S&P Global Ratings gives Colombia BB- and Fitch Ratings gives it BB, both below investment grade.
Moody’s, the third agency, rates Colombia Baa3, the lowest investment-grade step. The agencies pointed in part to the three-year suspension of Colombia’s fiscal rule, its legal limit on deficits.
What It Means for US Readers
US investors can hold Colombian sovereign bonds, but the US$200,000 minimum puts the new issue mainly with institutions. The final rate will show how much extra yield investors demand from Colombia, which two of three agencies rate below investment grade.
That price also serves as a benchmark for Colombian companies that borrow in dollars, including firms with shares listed in New York. For background, read about the peso bond swap and a bank’s view of Colombian bonds.
Colombia is also a close US security partner. Wider context is in Colombia explained and on the Colombia hub.
In Plain English
- Global bonds: dollar debt that a government sells to international investors.
- Prospectus supplement: the offering document that lists a bond’s terms and risks.
- Finance Ministry: the department that runs Colombia’s budget and public debt.
- Investment grade: a rating that signals low default risk; Colombia is below it at two agencies.
What Is Not Known
The amount, interest rate, price and investor demand are not yet public. The ministry has not said how the sale ties to its swap programme.
One market report put early rate guidance near 7.35% for 2032, 7.9% for 2037 and 8.45% for 2056. A bank economist estimated that Colombia needs about US$3 billion this year, and the ministry has confirmed neither.
What Comes Next
The final terms should appear once pricing is complete, in a pricing document filed with the SEC. The next scheduled step is the third peso bond swap on Thursday, 19 November.
The government also plans to send Congress an adjustment bill to cut public spending. The bond sale adds debt and does not by itself reduce the deficit.
Frequently Asked Questions
What are Colombia global bonds?
They are US dollar bonds that Colombia sells to investors worldwide. The new ones mature in 2032, 2037 and 2056.
How much is Colombia borrowing?
The amount is not yet public. The draft documents leave it blank until investors place orders.
Why is Colombia borrowing in dollars?
The documents say the money is for general budget needs. The government is also cutting 2026 spending and swapping peso debt.
Is Colombia’s debt investment grade?
Only at Moody’s, which rates it Baa3. S&P and Fitch rate it below investment grade.
Can ordinary US investors buy the bonds?
Each bond costs at least US$200,000, so the sale mainly targets institutions. Smaller investors usually reach such bonds through funds.
Sources: US Securities and Exchange Commission, Colombia preliminary prospectus supplement, global bonds due 2056; SEC, bonds due 2037; SEC, bonds due 2032; La República, 26 October; Valora Analitik, 26 October; Portafolio, 26 October; IFM Noticias, 26 October; Bloomberg Línea, 26 October; Portafolio, 13 January 2026 issue; open.er-api.com exchange rates, 26 October (all accessed 26 October 2026).
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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