economy
May 6, 2026
Government Adjusts TES Auction Rules and Can Double Awarded Amounts in High Demand Scenarios
TES bonds allow the government to obtain short and medium-term financing. Photo: ChatGPT Image
TL;DR
- The Ministry of Finance and Public Credit has modified over-allocation clauses for long-term TES auctions in pesos and UVR.
- These changes will allow the government to significantly increase the amounts placed when there is strong demand for public debt.
- The new rules, established by Resolution 0946, enable additional allocations of up to 30%, 50%, or 100% based on demand levels exceeding the initially offered amount.
- This modification aims to provide the government with greater flexibility to capture resources in scenarios of high liquidity or strong investor interest.
- The adjustments apply specifically to long-term TES placements in Colombian pesos and UVR via auction.