TES a dedo del Minhacienda por $23 billones: surgen primeras versiones de los beneficiarios del crédito

diciembre 22, 2025

TL;DR

The Ministry of Finance sold US$6 billion (23 trillion COP) in TES directly to a single foreign investor.
The Ministry claims the operation shows confidence in the Colombian economy and will reduce 2026 borrowing needs.
Critics, including Senator Angélica Lozano, question the confidentiality and suggest the investor may be Abu Dhabi Investment Authority, alleging an instant profit for the investor and an overpayment of interest.
Market analysts like Jorge Restrepo and Mauricio Santamaría criticize the lack of transparency, violation of market neutrality, and potential for overpaying interest compared to market rates and the IMF.
Former Minister of Finance Mauricio Cárdenas states the private placement is a 25-year setback for the capital market, undermining transparency and neutrality.
Concerns are raised about the actual interest rates paid, which reportedly range from 12.99% to 13.33%, higher than market rates of 11.7% to 12.4%.
The operation bypassed traditional public auction methods, excluding local investors and potentially causing market instability.

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