El Mercado de Deuda Privada en Colombia (2013-2019) Frente a la Futura Integración de las Bolsas de Valores de Chile, Perú y Colombia

Abstract

The case study focuses on the author's experience during his professional internship at the Colombian Stock Exchange (BVC). During this period, the author immersed himself in the Colombian capital market, working and studying the derivatives, equity and fixed income (FI) markets.

Within the FI market, the author focused on the debt securities issuance segment of real or financial sector institutions seeking financing. He noted that, due to the complex global economic situation, high inflation and other macroeconomic factors, the private debt market in Colombia would experience a significant reduction in 2022 and in the first quarter of 2023.

In addition, the author highlights the importance of closely following the evolution of the local capital market, especially in relation to the future integration of the Peruvian, Chilean and Colombian stock exchanges. This integration, which is in process and is expected to take place in the near future, seeks to consolidate the stock exchanges and generate expectations of growth and development in the local capital market. Based on the experience in the Stock Exchange and considering the drastic reduction of FI issuances in Colombia during 2022 and 2023, as well as the imminent regional integration, the author decides to conduct a case study. This study seeks to analyze the macroeconomic determinants that influence the financing of companies through FI issuances in the BVC, while examining the possible advantages that regional integration could bring to the national stock market.

Therefore, the case study will comprise a review of the literature on past stock exchange integrations, with the objective of identifying the potential that could arise from the creation of the Regional Holding Company. A time series analysis of RF issuances will also be conducted, in order to identify the macroeconomic factors that influence this private debt market, and a possible short-term outlook for this market in Colombia will be presented.