Jugando con la deuda

TL;DR

The government performed "debt management" operations in 2025 to ease fiscal pressure and maintain spending by deferring maturities.
A major operation was a Total Return Swap (TRS) where Colombia agreed to pay 7,495.25 million Swiss francs for 9,324.77 million dollars, maturing by July 31, 2026.
The goal was to diversify the dollar-denominated portfolio, extend terms, and lower interest rates by leveraging Swiss market rates.
The Swiss franc appreciated against the dollar, turning the operation into a financial loss for Colombia.
A currency hedge was announced for 1,614 million Swiss francs, but at least 79% of the TRS amount remained exposed to currency risk.
The financial maneuver resulted in an estimated loss of 1.1 trillion pesos for Colombians due to currency fluctuations.
Colombia also missed out on potential gains of 853 million dollars by converting debt to Swiss francs just before the dollar weakened.

Continuar leyendo el artículo original