Fixed Income Analysis /

Weekly Credit Risk Monitor

    Stuart Culverhouse
    Stuart Culverhouse

    Chief Economist & Head of Fixed Income Research

    Tellimer Research
    1 February 2018
    Published byTellimer Research
    Credits in Focus: Ecopetrol SA – Fully priced despite improving fundamentals and oil prices. We are initiating coverage of Colombia’s Ecopetrol. We believe that Ecopetrol is an improving credit, but that its family of bonds is fully priced and already reflects improving fundamentals. Thus, we initiate coverage of ECOPET bonds with a Hold recommendation.
    Ecopetrol is Colombia’s state-owned (88.49% of shares) integrated oil company, governed by the laws of the Ministry of Mines and Energy. The company owns concessions in five countries – Colombia, the US (Gulf of Mexico), Mexico, Peru and Brazil – and operates oil production and exploration infrastructure, refineries, ports, and transportation pipelines and polyducts for oil and its derivative products.