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Name | Symbol | Market | Type |
---|---|---|---|
Ecopetrol SA | NYSE:EC | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.13 | 1.13% | 11.67 | 11.64 | 11.49 | 11.58 | 1,441,778 | 23:30:11 |
By Prabha Natarajan
Ecopetrol S.A.(EC), the Colombian state oil company, launched a $2.5 billion bond offering Wednesday.
The multitranche deal comes on the back of other emerging-market issuers coming to market this week, using the window of opportunity before the Federal Reserve's meeting next week. At that time, the U.S. central bank is expected to decide on whether it would begin to taper its bond-buying program, which already has led to investors paring back on their exposure to emerging-market assets.
Ecopetrol's three-tranche offering is expected to be priced later today.
The $350 million, five-year note launched at a price of 260 basis points over comparable Treasury yields. The 10-year note was at a price of 305 basis points over comparable Treasury yields. The 30-year note was quoted at 350 basis points over comparable Treasury yields.
Colombia Finance Minister Mauricio Cardenas said that Ecopetrol plans to use most of the funds from the bond sale for overseas investments, a move that will avert an influx of dollars in the local spot market and could deflect any pressure on the Colombian peso.
--Darcy Crowe contributed to the article.
Write to Prabha Natarajan at prabha.natarajan@wsj.com
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