April 27, 2020 / 12:32 PM / in a month

Ecopetrol raised $2 bln in oversubscribed bond issue

BOGOTA, April 27 (Reuters) - Colombia’s Ecopetrol said on Monday it raised $2 billion through more than a doubly subscribed bond issue.

Majority state-owned Ecopetrol issued 10-year paper due April 29, 2030, with a 7% yield.

On Friday, Ecopetrol cut guidance for its first-quarter results and said it would look to raise money via the bond issue because of the fall in oil prices caused by the spread of the new coronavirus.

The bonds were oversubscribed by two-and-a-half times, with more than 250 investors bidding a total of $5 billion in the issuing round, Ecopetrol said.

The oil company is watching market movements and may make further reductions to its investment plan for this year, it said last week. Ecopetrol also said it may cut its 2020 production target, which is currently in a range of 745,000 and 760,000 barrels of oil equivalent per day.

The company is due to report its results for the first quarter of 2020 on May 6. (Reporting by Oliver Griffin Editing by Paul Simao)

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