Ecopetrol’s dollar bonds were down by 1-1.8 points across the curve after its CEO Felipe Bayon said that he would step down amid a halt in new oil and gas exploration contracts. With Colombia making a transition to renewable energy, the government is said to be averse to fossil fuels while only allowing existing deals to continue. Analysts are now indicating that they would be wary of government interference which might increase given the stepping down of the CEO who was “highly appreciated by the market”, as per Josefina Rodriguez, analyst at Credicorp.
Ecopetrol’s USD 6.875% 2029s were down 1.75 points at 93.88, yielding 8% and its USD 5.875% 2051s were down 1.6 points to 70.35, yielding 8.7%
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