Foreign demand for Colombian local debt reached record $1,400 million in September

Foreign demand for local debt reached a record in September, with net inflows of $ 1,400 million, according to the Ministry of Finance and Public Credit. Since late March, peso-denominated bonds have returned 21.6%, well above the 8.6% average for local currency debt in developing countries, according to data compiled by Bloomberg. The government has taken advantage of strong investor demand to raise nearly $30,000 million in debt this year, including $ 1.300 million of its longer-term peso-denominated bond.

Business insolvency in Colombia would grow 26% in 2021

A report published by the General Council of Economists of Spain (using data from Euler Hermes, Allianz Research, and national statistics) indicates that Colombian business insolvency will grow 26% in 2021. Colombia would be comparatively less affected than its peers (Chile, 29%; Brazil, 45%) and bigger economies (United States, 57%; China, 40%). The report places Colombia among the group of countries that has increased the number of insolvencies by more than 50% above the levels of 2009, in the previous world economic crisis.

Colombia’s Ecopetrol Q3 net profit falls 72% to $224.2 mn

Colombian majority state-owned oil company Ecopetrol, reported a third-quarter net profit decline of 72% on Tuesday - $224.2 million compared with $790 million in the same period a year ago. Earnings before interest, taxes, depreciation and amortization declined 37% to $1,378 million. Production in the third quarter fell to 681,000 barrels of oil equivalent per day (bped), down from 720,000 bped in the year-earlier period, because of lower demand during the coronavirus pandemic, Ecopetrol said.

Colombia oil and coal production to fall over the next decade, gov’t says

Colombia's output of top exports oil and coal will fall by 16.9% and 28.4% respectively over the next 10 years, according to recent government predictions, but the impact will be mitigated by higher prices for both fuels.Oil production will fall to 654,000 barrels per day (bpd) in 2030, from current levels of 787,000 bpd. Production of coal - Colombia's top mining export - will fall to 53 million tonnes by 2030, from 74 million this year, as prices rise from current levels of $29 per tonne to $46 per tonne. Colombia is attempting to increase its 2 billion barrels of oil reserves, equivalent to about 6.3 years of consumption, by expanding exploration and improving recovery levels in existing fields. It is expected to announce initial bids in its current oil round on Friday.

Colombian emerald producer Muzo awarded JNA sustainability recognition

Colombian emerald producer Muzo Group won the Sustainability award at the most important awards in the world in the field of jewelery and precious stones and the world luxury industry, the JNA Awards, in the online ceremony that took place in Hong Kong. The JNA Awards recognize the practices of quality, innovation, ethical jewelery and development of this industry. Since 2009, Muzo Colombia has sought to transform the mining, industry and emerald business in the country.