The purpose of this paper is to clarify some of the difficulties that a practitioner may find in implementing the binomial model for valuing a corporate bond with multiple embedded options in emerging markets. Especially, when faced with the dilemma of determining which should be the proxy variables for the risk-free rate, sovereign risk and country specific risk. In order to clarify some of the challenges that the practitioners face, the paper will present the reader a practical example that can serve as a guide through the required steps needed to value a callable bond in an emerging market. The callable bond used in this example is issued by the Transportadora de Gas del Interior International Ltd., which is a company located in Colombia and its economic activity is the transportation of natural gas and has four embedded call options by the issuer until its final maturity in October 3, 2017. Our conclusion is that by using the binomial model to find the option adjusted spread of the bond is also possible to find a more reliable measure of specific or unique risk attributable to the company economic activities.