Colombia has pushed back about US$3.3 billion of bond payments due in 2026 and 2027 by swapping peso Treasury bonds (TES) worth COP 10.3 trillion for longer-dated bonds, its second swap in three weeks. The Finance Ministry says payments due fall by about US$475 million in 2026 and US$2.8 billion in 2027, but the swap does not reduce what the state owes. The swap cost about US$148 million, or 4.5% of the amount exchanged. The article cites a projected 2027 deficit of 9.4% of GDP unless new measures are adopted. A third and final swap this year is scheduled for November 19, 2026, and S&P and Fitch rate Colombia below investment grade.
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