Risk Awards reconoce a Colombia por el manejo de la deuda pública en medio de la crisis fiscal

TL;DR

The Ministry of Finance received the 'Sovereign Risk Manager of the Year' award from the Risk Awards.
The award recognizes the management of public debt during a period of tight liquidity and loss of confidence.
Javier Cuéllar, upon assuming leadership in 2025, focused on reducing debt, diversifying funding, and rebuilding credibility.
In six months, Cuéllar's team transformed the debt structure through negotiations and financial operations.
Ten liability management operations were conducted, including buybacks and exchanges.
A key operation was an "audacious swap" valued at over US$9,000 million, reducing debt and service costs.
Projected debt for 2027 could fall from 64% to 55% of GDP.
Debt service costs are estimated to decrease from around 5% in 2026 to approximately 3%.
The yield on 10-year sovereign bonds adjusted favorably by over 150 basis points.
A swap of pesos for Swiss francs allowed the repurchase of debt, resulting in a currency gain.
The US$9.3 billion TRS involved paying Swiss franc yields and receiving yields on Colombian liabilities.
The TRS design converted floating rates near 6% to fixed rates of 1.3% long-term.
A €4.1 billion issuance reduced foreign exposure and narrowed the spread gap with Brazil.
Cuéllar describes his approach as that of a strategist or chess player, not a gambler.
Despite awards, Cuéllar emphasizes the need for continued strategy to close yield gaps with other sovereigns.

Continuar leyendo el artículo original