Las claves de la emisión de TES que hizo el Gobierno y que ha generado polémica

diciembre 26, 2025

TL;DR

The Comptroller General's Office is investigating a recent local public debt operation by the Ministry of Finance due to perceived anomalies and high interest payments.
The transaction involved a direct sale of US$6 billion in Treasury Bonds (TES) to Pacific Investment Management Company (Pimco).
Critics, including professors and economists, have raised concerns about a lack of transparency, favorable conditions for a single investor, and interest rates significantly higher than market rates or those offered by multilateral organizations.
The Ministry of Finance stated that Pimco's offer was the best option after evaluating other bidders and that the interest rates, while above market, were lower than previous quotations received.
The Ministry highlighted the transaction as a vote of confidence in the Colombian economy, aiming to reduce borrowing needs for 2026.
Market analysis suggests the debt was placed at rates between 12.99% and 13.33%, exceeding market records of 11.7% to 12.4% on the same day.

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