Rally that made Pacific Rubiales Energy top performer in Colombia’s dollar bond market last year is turning into rout BOGOTA — The rally that made Pacific Rubiales Energy the top performer in Colombia’s dollar bond market last year is turning into a rout as drilling-permit delays undermine the oil producer’s search for a successor to its namesake field.The company’s $712m of bonds maturing in 2021 have lost 5.4% this year, compared with a 3.5% drop over that period among Colombian issuers.Last year, the company’s securities returned 23%, the highest among dollar-denominated Colombian corporate bonds, according to data.Pacific Rubiales, run by a former Petroleos de Venezuela executive who left in 2000 as then-president Hugo Chavez stepped up control of the state firm, won investor confidence as it boosted output sevenfold over the past five years by plying the Rubiales oil field, Colombia’s largest.Pacific Rubiales has been waiting for longer than a year for regulatory approval to ad...
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