COLOMBIA · MARKETS
Key Facts
- The country Colombia is a South American country and a long-standing US partner, and its capital, Bogotá, gives this power group its name.
- What happened Grupo Energía Bogotá (GEB), a power and gas group, raised 400 billion pesos (about US$126 million) in short-term notes on Thursday 15 October.
- The notes They are fixed-rate peso notes that mature in 180 or 364 days and were sold by auction on the Colombian stock exchange.
- The programme This was the first sale under a programme of up to 2.5 trillion pesos (about US$785 million) in bonds and short-term notes.
- The US link GEB has started the process of listing its shares in the United States, so the sale shows how local investors price the company.
- Power Index Colombia ranks 6th of 14 in The Rio Times Latin America Power Index, with 51.9 points (October 2026 edition).
- The catch The interest rate and the number of bids have not been published, and the notes are priced in pesos.
A Colombia power group, Grupo Energía Bogotá (GEB), raised 400 billion pesos (about US$126 million) from investors on Thursday 15 October 2026. The group sold short-term notes at an auction on the Bolsa de Valores de Colombia (BVC), the country’s stock exchange.
For US investors the sale tests demand for a company that has begun the process of listing its shares in the United States. The notes are priced in pesos, so a dollar-based buyer would carry currency risk.
What Grupo Energía Bogotá Sold
The Colombia power group placed 400 billion pesos (about US$126 million) in commercial paper, which is short-term company debt that is repaid within a year. La República and Portafolio, two Colombian business outlets, both reported the full amount on Thursday.
The initial offer was 250 billion pesos (about US$79 million), with an option to add 150 billion pesos (about US$47 million) if demand ran higher. The final sum of 400 billion pesos (about US$126 million) shows the group used the full option.
The notes mature in 180 or 364 days and pay a fixed rate, according to the offer notice reported on Wednesday. Each note has a face value of 1 million pesos (about US$314), so ordinary investors could take part.
How the Auction Worked
The BVC ran a Dutch auction, in which bids are ranked from the lowest to the highest rate. Colombia’s Finance Ministry sets a maximum rate that stays hidden from bidders, Portafolio reported.
Payment is due on Friday 16 October 2026. Valores Bancolombia led the placement alongside BBVA Valores, BTG Pactual and Corredores Davivienda, Portafolio reported.
The investment-banking unit of the Colombian lender Bancolombia structured and coordinated the offer, La República reported. The law firm Holland & Knight Colombia advised GEB on legal matters.
Live Market IntelligenceColombia — Live Market Board
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Colombia — Live Market Board
-0.07%
204,324.26
-1.06%
67,663.29
+1.31%
10,971.88
+0.05%
2,859,051
+0.82%
2,580.50
-0.07%
59,543.73
+1.12%
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| COLCAP | 2,580.50 | -0.07% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| USD/COP | 3,140 | +0.03% | -22.04% | 3,139 | 3,141 | 3,105 | — |
| BRENT | 88.88 | -0.03% | +34.42% | 88.91 | 90.07 | 88.12 | 29,713 |
| WTI | 83.11 | -0.11% | +31.57% | 83.20 | 84.35 | 82.40 | 166,848 |
| ECOPETROL | 16.92 | -0.53% | +98.01% | 17.01 | 17.05 | 16.79 | 737,591 |
| BANCOLOMBIA | 95.87 | -2.18% | +96.15% | 98.01 | 100.36 | 95.73 | 188,740 |
| GRUPO AVAL | 5.40 | +2.66% | +76.89% | 5.26 | 5.49 | 5.32 | 146,447 |
| TECNOGLASS | 42.30 | -1.10% | -48.04% | 42.77 | 42.73 | 42.05 | 60,908 |
| CREDICORP | 375.17 | -0.49% | +49.60% | 377.00 | 384.43 | 372.27 | 88,375 |
| BUENAVENTURA | 34.45 | -1.02% | +88.07% | 34.80 | 35.62 | 34.33 | 275,831 |
| SOUTHERN COPPER | 193.97 | -0.26% | +104.01% | 194.48 | 199.36 | 192.59 | 367,102 |
A First Test for a Larger Debt Programme
The sale is the first under a programme allowing up to 2.5 trillion pesos (about US$785 million) in bonds and commercial paper. About 2.1 trillion pesos (about US$659 million) remains available, Portafolio reported.
La República reported that the previous issue dated from 2022, and GEB president Juan Ricardo Ortega welcomed the return to the capital market. He said the group wants to expand its capacity to finance regional energy infrastructure.
Andrés Restrepo Montoya, the BVC’s general manager, said the revival of commercial paper strengthens a short-term financing option that fits companies’ needs. The exchange hosted the auction on its main market.
Who Grupo Energía Bogotá Is
The Colombia power group is active in electricity and natural gas, with operations in Colombia, Peru, Brazil and Guatemala, according to its website. Readers can follow the group on its Rio Times Company Intelligence profile.
Fitch Ratings said in May that the Colombia power group is expanding its power-transmission business in Brazil, which requires new debt, Valora Analitik reported. Fitch expected dividends from its Brazilian joint venture to help bring borrowing down from 2027.
Fitch also pointed to about US$2 billion of debt falling due in 2027 and 2028, which it said weighs on financial flexibility. Short-term notes like Thursday’s give the Colombia power group another place to borrow.
Where the Money Goes and How It Is Rated
The Colombia power group said all proceeds go to general corporate purposes, Valora Analitik reported. Until the cash is spent, it may sit in low-risk, highly liquid financial instruments.
Fitch Ratings Colombia rates the notes F1+(col) and the whole programme AAA(col), according to the offer notice that Portafolio reported. Both ratings are on Fitch’s Colombian national scale, not its global scale.
What It Means for You
US investors cannot simply buy these notes from home, because buyers must be clients of an authorised Colombian broker and pass its anti-money-laundering checks. An earlier Rio Times report on the auction notice explains how a Colombian investor places an order.
It shows how Colombian investors price a utility that wants American shareholders, since Valora Analitik reported the US listing process has begun. The notes are in pesos, at about 3,185 to the US dollar on 16 October 2026, so dollar holders face currency risk.
What Is Not Known
The cut-off interest rates for the 180-day and 364-day notes have not been published. The number of bids and the split of the 400 billion pesos (about US$126 million) between the two maturities are also not public.
No date for the US share listing has been announced. GEB has also not said when it will return to the market with bonds under the programme.
More: Colombia news in English, every day from The Rio Times.
Frequently Asked Questions
What did Grupo Energía Bogotá sell on 15 October?
The Colombia power group placed 400 billion pesos (about US$126 million) of commercial paper on the Colombian stock exchange. The notes mature in 180 or 364 days.
What is commercial paper?
Commercial paper is short-term debt that a company sells to investors and repays within a year. Here the notes run for 180 or 364 days.
Can US investors buy the notes?
Buyers had to be clients of an authorised Colombian broker and pass its anti-money-laundering checks. The notes are priced in pesos, so dollar holders face currency risk.
Why does the Colombia power group sale matter abroad?
The Colombia power group has begun a US share listing process, so the sale shows how local investors view it. The company has given no date for the listing.
How much more can the company borrow under the programme?
The programme allows up to 2.5 trillion pesos (about US$785 million). About 2.1 trillion pesos (about US$659 million) remains after this sale.
Sources: La República, Grupo Energía Bogotá colocó 400.000 millones de pesos en papeles comerciales en la BVC, 15 October 2026; Portafolio, Grupo Energía Bogotá coloca 400.000 millones de pesos en papeles comerciales y activa programa de deuda, 15 October 2026; Portafolio, GEB emite deuda abierta a todo tipo de inversionistas, 14 October 2026; Valora Analitik, GEB emitirá títulos en mercado local por 400.000 millones de pesos, 14 October 2026; Valora Analitik, Grupo Energía Bogotá requerirá deuda para crecimiento en Brasil, 26 May 2026; Grupo Energía Bogotá, 16 October 2026.
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