Colombia’s Swiss Franc Gambit Pays Off — Or Does It?

2026-03-23 - 12:10

Key Points —Colombia is unwinding a $9.3 billion total return swap in Swiss francs ahead of May presidential elections, accelerating a timeline originally set for July. —The operation will cancel approximately $28 billion in gross debt from Colombia’s balance sheet by retiring collateral bonds, dramatically improving headline debt indicators. —Public credit director Javier Cuéllar claims