Issuance of securities on the Colombian Stock Exchange
The entity has managed to access efficient, sustainable, and transparent financing mechanisms, reflecting strong investor appetite and confidence in the public sector market. Resources of COP 500 billion (2024) were secured, and in 2025, this figure exceeded $576 billion.
About this Project
One of the greatest institutional challenges arose from administrative actions taken in 2025 aimed at modifying the Future Validity granted by the Nation.
In response to this situation, a legal defense was led to reassure investors about the continuity and stability of the project, consolidating confidence in the State’s fulfillment of its commitments. Likewise, the stock market has faced challenges due to lower investor appetite.
However, TMSA achieved a successful placement in the amount of 576 million, reporting a bid-to-cover ratio of 1.47 times. This consolidated it as the largest fixed-income issuer in the non-financial sector for the years 2023-2025.
Key Highlights
It made us the largest issuer of securities in 2025, and also the only managing entity to have used this financing instrument, which provides immediate liquidity, access to longer-term resources, reduced risk for the originator since the debt does not appear on the balance sheet, and financing at competitive market rates.
Facts & Figures
- i) Efficient use of resources and lower financial costs, since, as payment for the works becomes necessary, the placement of securities is sought
- ii) Evaluating the most appropriate market windows for successful placement
- iii) Building solid relationships with investors that allow the Entity to maintain its presence in the securities markets for future projects.
