Venta de TES por $23 billones abre polémica por opacidad y presuntas tasas más altas de las vigentes en el mercado

diciembre 22, 2025

TL;DR

The Ministry of Finance sold $23 trillion in TES bonds directly to a foreign investor.
Market sources suggest the bonds were sold at rates around or exceeding 13%, higher than prevailing market rates (11.73%-12.46%).
The Ministry cited a confidentiality agreement for not disclosing the buyer's identity or specific price details.
The sale occurred when the government had historically low cash reserves, requiring immediate funding.
Concerns have been raised about the fiscal impact, potential preferential treatment, and the long-term financial burden of higher interest rates.
The transaction coincides with a leaked draft of an emergency economic decree proposing new tax measures, increasing economic sensitivity.
Anif's president, José Ignacio López, described the day as 'black Friday fiscally' due to the bond sale and leaked tax proposals.
The Ministry of Finance stated the sale will reduce financing needs for 2026 and signals confidence in Colombia's economy and institutions.

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