Examinando por Materia "Bono Social"

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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.