Colombia to End Controversial $9 Billion Swiss Franc Swap by May

Colombia expects to unwind its controversial swap in Swiss francs at a profit ahead of the presidential election in May, marking the end of a key pillar of its unconventional debt strategy.

The operation, a $9.3 billion total return swap with a group of international banks, was set to be paid off by the end of July. Still, the government is taking advantage of favorable market windows to accelerate the process, according to the architect of the operation, national public credit director Javier Cuéllar.