Deuda sombría

TL;DR

The Ministry of Finance conducted a direct sale of TES bonds worth approximately $23 trillion to a single private investor.
The transaction was carried out without an auction or public offer, and key details such as the effective interest rate, detailed terms, and the buyer's identity were not fully disclosed.
This lack of transparency hinders the ability to verify who the debt is owed to and its cost, which is a commitment Colombians will bear for years.
The typical market practice for TES involves open competition through auctions, reference curves, and traceability to ensure the best possible price and prevent preferential treatment.
Avoiding open mechanisms sacrifices not only publicity but also the market benchmark, making it impossible to assess if the cost was reasonable or if alternative market conditions were better.
The opacity of such financial operations can lead to doubts and raise alarms, especially given the current institutional context where a former Minister of Finance faces legal proceedings.
Transparency in public debt, which belongs to all Colombians and not just the current government, is essential for protecting the state and preserving trust, a difficult asset to regain.

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