LatinFinance - September/October 2015 - 92

Economy
GDP forecasts are
revised downwards

INVESTOR
REPORT
COLOMBIA

PAGE 94

Interview
Mauricio Cárdenas,
finance minister
PAGE 95

Private equity
The industry gets set
for reinvestment
PAGE 98

Quick dip
A year after JPMorgan sharply increased the
weighting of Colombia's government bonds
in one of its emerging markets indices, the
investment bank trimmed the allocation.
Colombia's finance ministry, unsurprisingly, made rather less public fuss around
the cut in May compared to the fanfare surrounding the increase in early 2014.
The rebalancing in May was, admittedly,
much smaller than last year's increase. But
the moves illustrate the remarkably rapid
rise and fall of Colombia's fortunes in the
eyes of international investors. A year ago,
the country was a market darling, attracting investment for its strident growth.
With the global slump in oil prices,
investors' optimism on the Andean
economy have faded. Colombia's peso
has dropped 30% in the past 12 months as

92 L ATINFINA NCE.COM - September/October 2015

investors reassess the value of the country's exports.
After first quarter GDP figures were published, the government cut its forecasts for
annual growth, to 3.6%. Finance minister
Mauricio Cárdenas tells LatinFinance he is
"confident" that the country will meet that
target, but few others are as sure. Analyst
and agency expectations for the country's
expansion range from 2.5% to 3.2% this
year.
Despite the downward revisions, the
country's growth is still strong in regional
terms - and indeed, the IMF expects a
higher figure next year.
The success of much of that pick-up will
depend on the country's progress in building infrastructure. After years of discussions around how the funding can best be

structured, the government closed the first
financing package with an international
investment bank under its 4G program
in August. The participation of Goldman
Sachs - which committed $1.2 billion to a
cluster of three road projects - was heralded as a reason for confidence that more
global investors can be enticed in.
Colombia's local financial markets
ignored the slowing growth in the first half
of the year, with banks and companies
rushing to sell bonds to local investors.
Similarly, the private equity industry is
flourishing. Local pension funds have
been able to make allocations to the asset
class for a decade. Now, private equity
fund managers are looking at exiting their
first round of investments and preparing
for a second trip. LF



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Table of Contents for the Digital Edition of LatinFinance - September/October 2015

Contents
LatinFinance - September/October 2015 - Cover1
LatinFinance - September/October 2015 - Cover2
LatinFinance - September/October 2015 - Contents
LatinFinance - September/October 2015 - 2
LatinFinance - September/October 2015 - 3
LatinFinance - September/October 2015 - 4
LatinFinance - September/October 2015 - 5
LatinFinance - September/October 2015 - 6
LatinFinance - September/October 2015 - 7
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LatinFinance - September/October 2015 - 18
LatinFinance - September/October 2015 - 19
LatinFinance - September/October 2015 - 20
LatinFinance - September/October 2015 - 21
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LatinFinance - September/October 2015 - 30
LatinFinance - September/October 2015 - 31
LatinFinance - September/October 2015 - 32
LatinFinance - September/October 2015 - 32A
LatinFinance - September/October 2015 - 32B
LatinFinance - September/October 2015 - 33
LatinFinance - September/October 2015 - 34
LatinFinance - September/October 2015 - 35
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LatinFinance - September/October 2015 - 47
LatinFinance - September/October 2015 - 48
LatinFinance - September/October 2015 - G1
LatinFinance - September/October 2015 - G4
LatinFinance - September/October 2015 - G5
LatinFinance - September/October 2015 - G8
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