Rebels sabotage bondholders in Colombia selloff
Tuesday, June 24, 2014
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Colombia’s bondholders have become Latin America’s biggest losers as rebel attacks on oil sites imperil production and the government plans more debt sales.
The nation’s peso-denominated notes have fallen six times the emerging-market average since June 16, when sabotage by Marxist guerrillas, community protests and environmental delays prompted Colombia to reduce the oil-output estimates in this year’s financing plan.
The 1.4 percent bond loss coincides with the Finance Ministry’s decision to raise its budget deficit projection and boost local debt auctions by $531 million.
Source: Bloomberg