Summary: International investors saw the largest historical pick-up in ownership driven largely by recent special liability management operations by Hacienda, which included close to COP21.3trn of COLTES debt. International investors, BanRep, pension funds, insurance companies, and financial corporates were the main buyers of COLTES in September, totalling net purchases of COP39.4trn between them and outpacing the net issuance of COP24.5trn during the month. Sellers were concentrated between commercial banks, Hacienda, public trusts and public financial institutions totalling COP15.6trn.
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International investors’ COLTES allocation rose by a noteworthy COP31.4trn in September, which drove market ownership from 16.0% in August to 20.0% in September. Purchases in September were concentrated in nominals (TES B), with net purchases totalling COP30.8trn, while inflation linkers (TES UVR) saw net sales of COP0.6trn. The outsized shift in ownership was driven by the closing of the TRS liability management operation, although the flow could reverse should the TRS be cancelled earlier in 2026.
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Commercial banks were the largest sellers of COLTES in September, reducing their holding by c.COP11.8trn, which reflected a decrease in allocation of 10.2% vs. the 3.7% growth rate in the total COLTES market, translating to a considerable MoM decrease in holdings from 17.3% to 15.0%. Sales were concentrated in nominal bonds (TES B), amounting to COP10.5trn, with net sales in inflation linkers (TES UVR) of COP1.3trn.
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The Ministry of Finance/Hacienda was the second-largest seller of COLTES in September, reducing its allocation by COP2.3trn to COP9.9trn and continuing along the path of lowering its COLTES holdings from the recent peak of COP14.8trn in July, when it purchased close to COP10.5trn of COLTES amid liability management operations. Sales were exclusively in the nominal TES market with close to COP2.5trn of outflows, while Hacienda bought c.COP0.2bn in linkers.
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Pension funds’ net flows saw purchases totalling COP2.5trn of COLTES in September, all of which was concentrated in nominals (cCOP3.1trn) with outflows of COP0.6trn from inflation linkers (TES UVR). The overall increase in TES pension holdings was 3.4% vs. the 3.7% market growth, which resulted in a slight decline in holdings from 30.7% to 30.0% in September.
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Public trust funds/fiduciaries were smaller sellers of COLTES in September, with a total of c.COP0.7trn, of which 73% were outflows from nominals (TES B). The holdings of public trust funds fell from 5.6% to 5.3% of the market.
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Public financial institutions were also lesser sellers of COLTES with net sales also totalling c.COP0.7trn, with 80% of outflows from nominals (TES B), which shifted the allocation slightly lower from 4.0% to 3.8% of the market.