Ecopetrol sells bond with longest maturity in Colombian history
Colombia 
BOGOTÁ, May 28, 2014 – Colombia’s state-controlled oil company Ecopetrol raised $2 billion last week, selling bonds with a 31-years maturity at the lowest rate in a year.
The bonds, which are to mature in 2045, are the longest to be ever issued in the country. The corporate debt was rated at BBB investment grade, the second-lowest grade, the same as the Colombian government’s debt.
The country’s traditionally risk-averse financial sector has as of late been more willing to chance its money, with low official interest rates favouring investment, and a maturing domestic stock market seeing an increasing number of companies and investors. However, oil and gas companies are still looking north to the New York and Toronto stock exchanges for their riskier projects.
Ecopetrol needs the corporate debt to fund its $68.5 billion capital expenditure it envisions for the period of 2014-2020. The company plans to increase its production to 1.3 million barrels oil equivalent per day (boepd) in 2020, from 788,200 boepd in 2013.
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