Neither real sector companies nor financial entities are interested in going to the capital market these days to obtain resources for their projects, nor are institutional investors willing to ‘buy’ private debt this year and proof of this is thatIn the first six months of 2023, only two corporate debt issues have been made for just 291,000 million pesos, a figure that was 86 percent below the record for the first half of 2022 when the amount was 2 trillion pesos.
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Private debt issuance has been in the doldrums for several years now. in fact, what was published in the first six months of this year is 16 and about 20 times less than what was published by at least 15 entities in the same periods of 2020 and 2021, respectively.
But the desire to broadcast is not the only thing that is declining. Also the investor appetite and in the first half of 2023 it fell by about 354,000 million, according to a report by the brokerage firm Casa de Bolsa.
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“The low level of placements continues to be explained mainly by the high level of interest rates, which, although they have fallen, are in excess of two digits,” explain the analysts from the commission agent, who also point out that This behavior has also influenced”the high level of risk premiums, as a consequence of the withdrawal of economic and fiscal stimuli, the uncertainty generated by the pension reform and by the CFEN regulatory framework”.
In the first half of the year, only two issues have been made, nine and eight less than in the same period of 2021 and 2022, respectively, while the great absentee from this market has been the real sector.
The largest issue was the one made by the public services company UNE EPM for 230,000 million pesosfollowed by Finanzauto for more than 61,000l million.
maturities
In total, the bond maturities of 2023 reach a value close to 8 trillion pesos.
According to the statistics of the Colombian Stock Exchange (BVC), 2010 marked a benchmark for the Colombian private debt market, since in the full year a historical figure of 13.8 trillion pesos was reached. The second highest was in 2019 when the value of the placements totaled 13.7 trillion, while the lowest was registered so far at 2.49 trillion, data corresponding to 2022.
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The Casa de Bolsa report also indicates that although the issues of bonds and other debt securities so far this year are scarce, the maturities, that is, the bonds that reach their maturity point and on which there are to return the resources to those who invested in these various and for a fairly high amount.
In total, the maturities of 2023 reach a value close to 8 trillion pesos, of which 3.45 trillion correspond to the second semester. October is the month with the highest maturities, close to one trillion pesos, while the highest return will be paid by Banco Davivienda, which will have to pay investors close to 291,000 million in September.
“Taking into account the issuances that have been made from 2008 to date, in 2023 bonds for 7.7 trillion pesos will mature (not including coupons), with February and June being the months with the highest maturities. The highest maturity it occurred in May, which corresponded to two series issued in the past by Bancóldex for a total of 441,000 million”, indicates the Casa de Bolsa report.
