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Bond Market News
Colombia Actively Buys Dollars Ahead of Debt Buyback; Dollar Bonds Tick Higher
April 16, 2026
Colombia’s Finance Ministry has been actively purchasing dollars this week, buying over a net $290mn on Tuesday. This comes in preparation for a roughly $4bn buyback of outstanding offshore bonds. Public credit director Javier Cuellar signaled further dollar purchases ahead, with the government deliberately taking advantage of the peso’s recent strength to accumulate foreign currency at favorable rates. The Colombian peso has rallied by 6.6% YTD, touching a five-year high of COP 3575.4/USD. The buyback is part of a broader debt management strategy aimed at reducing Colombia’s overall debt burden and borrowing costs. It follows two similar operations Cuellar led over the past year, alongside a Swiss franc total return swap he expects to unwind before the May presidential elections. Analysts note that markets are largely looking past domestic risks, including recent friction between the finance minister and the central bank, and are instead focused on the credit-positive implications of the buybacks and debt cleanup before the elections.
Colombian dollar bonds jumped higher across the curve. It’s 5.2% 2049s were up 1 point to 77 cents on the dollar, yielding 7.3%.
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