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$3 billion is a big number but, to be honest, I would expect them to have issued $4 billion. (An issue of) $3 billion does not make much of a benchmark paper.

They had to scrap the 2021 (bond sale) completely, likely due to the market being jittery on higher Treasury yields.

At the end of the day, there was a net buyback of about $300 million. That should be positive but the problem is that the market had overreacted to the initial buyback announcement and rallied significantly. So what that means is that there is probably more downside for Colombia's debt.

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