Examinando por Materia "BONOS"

Mostrando 1 - 15 de 15
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    Análisis de la adopción de mecanismos de pago por resultados y la financiación a través de bonos de impacto social en Heartland Alliance International, en Colombia
    (Universidad EAFIT, 2024) Luna García, Marco Andrés; López Álvarez, Didier Alberto; Gallardo Morcillo, Gloria Patricia; Vergara Garavito, Judith Cecilia
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    ¿Cómo hacer del mercado de capitales, una alternativa para las Pymes en Colombia?
    (Universidad EAFIT, 2014) Suescún Sanabria, Joan Manuel; Correa Lafaurie, Luisa Fernanda
    El mercado de capitales en Colombia se caracteriza por ser uno de los más dinámicos de la región de sur América, generando integración entre los sectores deficitarios y superavitarios de recursos monetarios no solo de Colombia sino de Perú y Chile a través de su programa MILA, no obstante se puede definir como un mercado excluyente con definidas capas del sector empresarial nacional, situación particular para las empresas Pymes del país, por lo cual el Estado ha tratado de ofrecer diferentes escenarios y programas a dicho sector empresarial con el fin de dinamizar la relación entre el mercado de capitales y las Pyme en Colombia -- Con este artículo se pretende presentar una metodología para acercar las Pymes a dicho mercado, identificando las limitantes jurídicas, financieras y de conocimiento del mercado de capitales de Colombia que impiden a las Pymes ver dicho mercado como una alternativa eficiente para el apalancamiento de diferentes proyectos o de su óptimo funcionamiento --Adicionalmente se pretende presentar un portafolio optimizado de servicios e instrumentos financieros ofrecidos tanto en el mercado de capitales como en el mercado financiero para la estructura de capital requerida por las empresas en los diferentes escenarios económicos a los cuales se enfrentas las Pymes en Colombia
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    Deleveraging and liquidity strategies Construcciones El Condor
    (Universidad EAFIT, 2021) Serna Correa, Diego Armando; Sánchez, Ribero, Gustavo A.
    Study of different alternatives to carry out financing and deleveraging operations in the Colombian market for Construcciones el Cóndor. one of the biggest multinational construction companies in the country. This to comply with the payment of the maturities of the corporate bonds issued as of 2020. At the same time, the study seeks to optimize the firm´s capital structure based on high demand for resources inherent to the business, represented as equity contributions, which are resources required to funding some infrastructure projects under the public-private partnerships scheme, retentions in guarantee of construction works, and backups required to cover several risks associated with the construction business. Through an analysis of different alternatives, such as refinancing, bond issues with or without collateral, and the sale of assets, we determine the best actions to take in terms of time and cost, enabling continuity of the business in the medium term.
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    Desarrollo del mercado de bonos corporativos en Colombia
    (Universidad EAFIT, 2019) García Trujillo, María Isabel; Tamara Ayus, Armando Lenín
    In Colombia, the debt market as a source of financing is limited, its development has been determined by regulatory changes and its evolution is related to factors of the monetary policy cycle and the international context. The corporate market presents a lag in factors such as liquidity against the public debt market, thus, the liquidity conditions and the characteristics of the Colombian market generate questions about the factors that determine its evolution and monetary policy begins to be relevant, credit risk, among others. The purpose of this work is to identify different corporate debt instruments that allow the company to obtain investment resources, starting with a review of the different sources of financing at the company level, and then focusing on the issuance of bonds through a descriptive approach of a quantitative type based on the registration of the fixed-income public offering published by the Colombian Stock Exchange on its Web page for the period 2006 - 2017.
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    Diseño de un marco de bono sostenible para la financiación de proyectos con impactos ambientales y sociales
    (Universidad EAFIT, 2023) Rivera Corrales, Johnatan; Restrepo Morales, Walter León; Restrepo Ochoa, Diana Constanza
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    La emisión de bonos en Colombia
    (Universidad EAFIT, 2007) Llano Mejía, Natalia; Rengifo Higuita, Ramiro
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    Emisión de bonos ordinarios en el mercado de valores colombiano por BTG Pactual S. A. – sucursal Islas Caimán
    (Universidad EAFIT, 2020) Martínez Gaviria, Natalia Andrea; Martínez Gaviria, Andrés Mateo; Restrepo Ochoa, Diana Constanza
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    Emisión de bonos sociales en el mercado de valores colombiano por el Banco W
    (Universidad EAFIT, 2022) Ruiz Reyes, Alberto; Sáez Bastidas, Carolina; Restrepo Tobón, Diego Alexander
    In February 2021, Banco W, the leading entity in granting microcredit in Colombia, became the first private financial entity in the country to carry out an issue of Social Bonds in the main market of the public market. of values. The resources obtained in this issue were used to finance projects of various economic activities, which met the social eligibility criteria established by Bank W. This document will present the process of structuring the business, decision making at the managerial level , challenges with stakeholders, the relevance of this issue for institutional investors and finally the results of the issue, its transversal contribution to the issuer's business strategy and its impact at a social level.
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    Estructuración de un bono social para una caja de compensación familiar en Colombia
    (Universidad EAFIT, 2022) Torres Jiménez, Álvaro José; Bustamante Barrientos, Sara; Álvarez Franco, Pilar Beatriz
    In this research, the issuance of a social bond in the stock market by a family compensation fund (CCF, by its acronym in Spanish) in Colombia is studied, taking into account that these debt instruments have not been used by companies of the family subsidized system. For that, a study of social bonds issued in Latin America and other parts of the world was carried out, which would provide elements to identify its main characteristics, the topics of the financed programs and their performance indicators. Information on different financing rates that exist in the Colombian stock market was collected and was compared with the average rate at which the social bonds have been issued. Subsequently, the financial structure of the compensation fund was analyzed, such as the payment capacity and the projected cash flows that support said issue. As a result, and under the ICMA principles, a reference framework document is prepared for the issuance of a social bond by the selected CCF, in such a way that it is a guide for future social issuances of the family subsidy system. It is worth to highlight that an important limitation was evidenced throughout the investigation process and is the poor information available on this type of emissions; there is still not much specific academic documentation for this kind of research in Colombia. Information on market rates for social bonds is also not readily available, since they are traded with little recurrence and for the most part there are not many more negotiations after the issuance.
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    ¿Existe en EEUU un greenium en los bonos verdes vigentes a octubre de 2021?
    (Universidad EAFIT, 2022) Escobar Bernal, Yhuvelli Adriana; Vásquez Vargas, Daniela; Yepes Raigosa, David Alejandro
    Through this in, it was studied whether corporate green bonds issued in the United States generated a premium or greenium, compared to conventional bonds under similar conditions. For this, sample of 180 green bonds and 1,703 conventional bonds was taken; considering the variables, issue spread, issue price, duration, sector, S&P credit rating and type of bond. Through multiple regressions in different scenarios, found by ordinary least squares and Propensity Score Matching (PSM) analysis, matching the sample of green bonds (observations treated) and conventional bonds (observations without treatment), to find the effect of the green label on the performance of the instrument at the time of issue. The data obtained was favorable for the financial sector, under the OLS methodology, the coefficient of the green variable is inversely proportional to the issue spread, confirming the existence of a premium and the different PSM methodologies corroborate the result obtained.
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    Machine learning investment strategies and the liquidity premium for the Colombian yield curve
    (Universidad EAFIT, 2020) Castro Mejía, Andrés Felipe; Almonacid Hurtado, Paula Maria
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    Riesgo crediticio de las empresas colombianas listadas en el índice de Dow Jones Sustainability
    (Universidad EAFIT, 2022) Reyes Barrientos, Simón; Bustamante Pulgarín, Sebastián; Peña Higuavita, Germán Adolfo
    With the importance in the global context reducing polluting emissions and decarbonizing the economy using the impact and allocation of resources as an instrument. This research work is presented that, based on the literature consulted and the statistical analysis of the rates of bond issues of Colombian companies between 2009 and 2021, between sustainable and ordinary bonds, it could be concluded that there are trends in the reduction of debt acquisition costs, especially if it is dedicated to sustainability; there are also success stories where important actors of the Colombian economy, ensure to reduce their cost of debt.
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    Spreads of sovereign bonds issued in local and foreign currency : determinants for Colombia
    (Universidad Eafit, 2020) Marín Castaño, Deisy Johana; Agudelo Rueda, Diego Alonso
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    Viabilidad de realizar un canje de deuda con bonos ordinarios de Emgesa S. A. E. S. P. en el mercado colombiano de valores
    (Universidad EAFIT, 2021) Gómez Remolina, Mayra Alejandra; Pérez Ospino, Alfredo José; Cardona Llano, Juan Felipe
    Law 964 of 2005 allowed important advances in terms of amount and maturity in the private debt market in Colombia. However, there are other mechanisms applicable in said market that could provide liquidity and development, as well as improving the debt management of a particular issuer. Consequently, this document seeks to analyze the viability of a debt swap of ordinary bonds issued in the Colombian market by Emgesa S.A. E.S.P., a Colombian company mainly dedicated to generating electricity for the wholesale market and customers of the unregulated market. Through the proposed debt swap, the issuer could materialize benefits such as optimizing its bond maturity curve and taking advantage of interest rates offered by the market in the current situation in order to generate efficiency in the financial cost.