Financial institutions by far biggest issuers of debt last year - Correval

Tuesday, February 15, 2011

Financial institutions were by far the biggest issuers of the 13.8tn pesos (US$7.29bn) that Colombian companies issued in debt on the domestic market last year, according to a report from local brokerage Correval.

Financial institutions - mostly banks - made up 64.2% of the total debt issued during 2010, which saw a 2.91% increase on the 13.4tn pesos that were placed on the market in 2009.

Mortgage loan securitization firm Titularizadora Colombiana was the biggest issuer last year with 6.2tn pesos, followed by Banco Davivienda and state-owned Exim bank Bancoldex with 3.1tn pesos and 1.9tn pesos respectively.

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Grupo Aval, which owns four banks and private pension fund manager Porvenir, issued debt worth 750bn pesos last year.

Correval is predicting 9.87tn pesos in total issues in 2011.