Colombia Kicks Off Global Bond Buyback Ahead of Elections

Colombia is buying back some of its outstanding global bonds, its third such operation in the past year, as part of a broader strategy to reduce borrowing costs weeks ahead of a tight presidential race.

The government is seeking to repurchase global notes in cash, with maturities ranging from 2035 to 2061, according to a statement. Public credit chief Javier Cuellar said last week that authorities expect to retire about $4 billion in bonds. The tender offer is set to expire at 5pm on April 24.