Colombia does not rule out issuing less than the $2.24 billion planned in foreign bonds for 2011 but is sticking to its planned issuance for the year, a top finance ministry official said on Wednesday.
When asked whether Colombia may issue fewer foreign bonds than planned this year, German Arce, the director of public credit, said: "I don't rule it out ... but the message today is that we're going to maintain the financing plan that we announced. That is, today we're not considering lowering it."
Arce spoke to Reuters days after returning from a foreign mission led by Finance Minister Juan Carlos Echeverry, which visited major emerging market bondholders in the United States and Europe.
"A commitment we reiterated to our bondholders was that we will maintain Colombia's benchmark (foreign bonds) ... liquid in the market," he said on the sidelines of a finance ministry news conference.
The finance ministry says that tax collections have been better-than-expected this year.
Asked if Colombia's global bond due in 2019 COLGLB19=RR was a benchmark, he acknowledged that it was, but when asked if Colombia could reopen the 2019 bond, he declined to comment.
In global markets, the 2019 bond was unchanged on the day.
Last year, the bond was Colombia's most internationally traded global, according to the emerging market industry trade association EMTA.
Arce said Colombia was not considering "for the moment" pre-financing for 2012 via peso-denominated TES Treasury bonds. Bogota plans to issue 27.5 trillion pesos (about $16 billion) in TES bonds in 2012 versus 28 trillion pesos in 2011.
Colombia's peso-currency Treasuries, known in shorthand as TES, are the government's second-largest source revenue of after tax collection.
Echeverry and Arce stressed that Colombia had a cushion of liquidity and cash flow to meet its obligations.
Reuters.
Reuters.
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