- MinHacienda and BanRep significantly reduced their TES holdings while the supply got picked up by local investors (Pension Funds, Local Banks, Public Trusts and Insurance Companies).
- Pension Funds increased their total ownership from 28% to 29% with an increase in nominal bond ownership (+COP 2.5trn). Their UVR holdings fell to 41% in October from 42% in September.
- Local Banks pick up COP 1.5trn (12.2% to 12.5%), while public trusts and insurance companies add c. COP 1.5trn each (8.9% to 9.1% and 9.6% to 9.8%, respectively).
- Hacienda reduced its holdings of COLTES nearly in half by c. COP 1.8trn to c. COP 3.7trn (1.1% to 0.7% of the total outstanding).
- BanRep reduced its holdings by c. COP 2trn to c. COP 51.6trn, from 11% to 10%.
- International investor holdings of TES remained mostly flat in October at COP 107.6trn. In percentage terms, total holdings stood at 21.7% versus 21.8% in September.
- International investors have reduced their TES holdings by c. COP 12.9trn since January 2023, in a shift that accelerated in 2Q23.
- BanRep closed the book on the local funding squeeze and may delay normalisation of local rates. The delayed policy normalisation would also delay the reduction of the ‘crowding out’ effect in TES. (see: BanRep Decision: Not ‘Yet’ Ready)