BOGOTA, May 19 (Reuters) - J.P. Morgan will trim the proportion of Colombian sovereign debt in its GBI-EM Global Diversified investment index to 7.1 percent from 7.5 percent, the investment bank said on Tuesday.
The bank will remove $9.4 billion of bonds expiring in June 2016 and add $3.7 billion of bonds maturing in 2026 and $2.2 billion maturing in 2030, resulting in a net reduction in the amount of Colombian debt in the index.
J.P. Morgan did not explain the reasons behind the decision which comes a year after it increased the proportion of Colombian debt in key indexes, which caused the peso to suddenly strengthen as investor appetite rose for the bonds.
The amount of Colombian sovereign debt held by foreigners rose to a record 33 trillion pesos ($13.7 billion) in April, the Finance Ministry said. (Reporting by Nelson Bocanegra; Writing by Peter Murphy; Editing by Chris Reese)