BOGOTA, Nov 14 (Reuters) - Colombia swapped local Treasury bonds worth 1.5 trillion pesos ($703 million) between state entities, the Finance Ministry said on Friday, in an operation that will allow it to reduce financing needs for 2015 amid falling oil earnings.
The government last month swapped fixed-rate Treasury bonds, known as TES, that mature in February and October next year for paper that comes due in May 2017, September 2019 and July 2024, the ministry said in a statement.
"The operation will result in smaller payments of amortizations in 2015," the ministry said.
The government has become concerned in recent months after a decline this year in the output of crude oil, the nation's biggest export, and a drop in global oil prices cut earnings from royalties that flow into the $380 billion economy.
Last month the government raised $1 billion by reopening the sale of 2024 and 2044 global bonds. It also swapped local TES bonds worth 5.86 trillion pesos to reduce next year's domestic debt issuance by 2.6 trillion pesos.
$1 = 2,133.03 Colombian pesos Reporting by Nelson Bocanegra; Writing by Julia Symmes Cobb; Editing by Alan Crosby