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EPM, Colombia’s
top public services company, said on Thursday it will keep
proceeds from its $500 million bond sale, a move that could
ease recent upward pressure on the local peso.
The company sold the bond on the international market on
Wednesday, stoking worries that the peso COP=RR will continue
rising against the U.S. dollar, a tendency that is hurting
local exporters.
Proceeds of the deal will be used for the company’s
international investment plan, EPM finance official Diana Oliva
Rua told Reuters.
EPM, or Empresas Publicas de Medellin, has consolidated
earnings of more than $3 billion a year. (Reuters)
