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colombiana",false,"https:\u002F\u002Fcdn.griinstitute.org\u002Fuploads\u002Fhubnews\u002F1859x559_px_Top_[4]_2025_4_10_16_14_38_1744312478.webp","https:\u002F\u002Fcdn.griinstitute.org\u002Fuploads\u002Fhubnews\u002F1920x1080_px_Cover_[4]_2025_4_10_16_14_38_1744312478.webp","2025-04-10T00:00:00.000Z","Credit: sedrik2007 \u002F Envato","#FFF","2025-04-17T00:00:00.000Z",741,"2025-04-10T16:14:38.000Z","2025-11-14T11:26:53.000Z",[1462],{"id":1463,"newsId":1447,"languageId":5,"title":1450,"subtitle":1464,"content":1465,"summary":978,"takeaways":978,"seoTagConversionId":1466,"seoTag":1467,"seoTitle":1468,"seoKeywords":1467,"seoDescription":1469,"seoAbstract":978,"seoImage":1470,"createdAt":1471,"updatedAt":1472,"language":1473},2626,"Propuestas del sector para aumentar la liquidez, diversificar fuentes y madurar la industria ","El mercado de capitales colombiano es relativamente pequeño y poco profundo en comparación con economías similares de la región. Aunque existen avances normativos recientes - como el Decreto 1239 de 2024, orientado a mejorar la liquidez en instrumentos de renta fija y flexibilizar las exigencias a emisores conocidos y recurrentes -, su implementación práctica aún enfrenta una fuerte inercia cultural y operativa.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nFondos de pensiones, aseguradoras y otros inversionistas institucionales locales dominan la demanda, pero suelen mostrar una elevada aversión al riesgo, especialmente en etapas de construcción de proyectos. A esto se suma la incertidumbre derivada de la propuesta de reforma pensional, que podría reducir significativamente la capacidad de inversión institucional en infraestructura, generando preocupación por una eventual caída del 30% en la participación de estos actores.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nEn paralelo, la integración bursátil regional (MUAM) plantea dilemas: para algunos, una oportunidad de escala; para otros, una amenaza a la ya reducida liquidez local.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nEn un encuentro promovido por \u003Cspan class=\"company-profile-link\" data-id=\"1\">\u003Cspan class=\"company-profile-link\" data-id=\"13404\">\u003Cspan class=\"company-profile-link\" data-id=\"14827\">\u003Cspan class=\"company-profile-link\" data-id=\"15498\">\u003Cspan class=\"company-profile-link\" data-id=\"16494\">\u003Cspan class=\"company-profile-link\" data-id=\"16980\">\u003Cspan class=\"company-profile-link\" data-id=\"17660\">\u003Cspan class=\"company-profile-link\" data-id=\"20971\">GRI Institute\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fspan> en las oficinas de Cuatrecasas, en Bogotá, actores clave del ecosistema financiero, regulatorio y de infraestructura en Colombia se reunieron para compartir visiones sobre el papel del mercado de capitales en la financiación de proyectos de infraestructura. La conversación, franca y colaborativa, abordó desde experiencias exitosas hasta cuellos de botella que hoy limitan el potencial de desarrollo del sector.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\n\u003Cimg alt=\"\" src=\"https:\u002F\u002Fcdn.griinstitute.org\u002Fuploads\u002Ffiles\u002FGRI_cuatrecasas_26_marzo_56_2025_4_10_19_22_14_1744312934.jpg\" style=\"width:100%\" \u002F>\r\n\u003Cdiv style=\"text-align:center\">\u003Cspan style=\"font-size:12px\">(\u003Cspan class=\"company-profile-link\" data-id=\"1\">\u003Cspan class=\"company-profile-link\" data-id=\"13404\">\u003Cspan class=\"company-profile-link\" data-id=\"14827\">\u003Cspan class=\"company-profile-link\" data-id=\"15498\">\u003Cspan class=\"company-profile-link\" data-id=\"16494\">\u003Cspan class=\"company-profile-link\" data-id=\"16980\">\u003Cspan class=\"company-profile-link\" data-id=\"17660\">\u003Cspan class=\"company-profile-link\" data-id=\"20971\">GRI Institute\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fspan>)\u003C\u002Fspan>\u003C\u002Fdiv>\r\n\r\n\u003Ch3>Retos estructurales y culturales\u003C\u002Fh3>\r\nUn tema central durante la reunión fue la falta de flexibilidad del mercado local frente a los riesgos inherentes a los proyectos de infraestructura, especialmente en la fase de construcción. Mientras que la banca tradicional suele aceptar esquemas como los mini-perm loans, los inversionistas institucionales aún desconfían del riesgo de refinanciación y exigen condiciones más estrictas. Esta diferencia limita las opciones de financiamiento, especialmente en etapas críticas de los proyectos. Además, se identificaron varios obstáculos persistentes:\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\n\u003Cstrong>Cultura limitada del mercado de capitales\u003C\u002Fstrong> - Tanto inversionistas como estructuradores legales muestran una comprensión limitada de los instrumentos financieros más complejos.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\n\u003Cstrong>Rigidez contractual\u003C\u002Fstrong> - A menudo se copian cláusulas entre proyectos sin adaptarlas a las especificidades de cada uno, lo que reduce la eficacia de las estructuras.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\n\u003Cstrong>Escasez de nuevos proyectos\u003C\u002Fstrong> - El pipeline público es insuficiente, y las iniciativas privadas se ven bloqueadas por decisiones burocráticas de entidades como la ANI, lo que retrasa la inversión.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\n\u003Cstrong>Baja utilización de instrumentos innovadores\u003C\u002Fstrong> - Aunque la normativa lo permite, los fondos de capital privado y las titularizaciones de flujos futuros siguen sin ser aprovechados, lo que limita las opciones de financiamiento.\r\n\r\n\u003Ch3>Casos destacados: cuando el mercado funciona\u003C\u002Fh3>\r\nA pesar de los retos, existen ejemplos que demuestran cómo el mercado de capitales puede ser una herramienta efectiva para financiar proyectos de infraestructura en Colombia. Un caso significativo es el de Aleatica con la Autopista Río Magdalena, que en plena pandemia, en 2021, logró cerrar una financiación mixta. Esta incluyó la emisión de bonos VR, con participación de la banca internacional y local. Más recientemente, el proyecto incorporó un componente de impacto social, con indicadores verificables por terceros, lo que resalta su compromiso con la sostenibilidad y la mejora en la calidad de vida de las comunidades cercanas.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nOdinsa, por su parte, ha sido clave en el financiamiento de proyectos como el Aeropuerto de Quito y el Túnel de Oriente. La compañía ha utilizado tanto el mercado internacional, con emisiones de bonos 144A\u002FReg S y USPP, como el mercado local, buscando siempre esquemas que no agoten los cupos financieros de su grupo empresarial. La emisión del bono en Quito en 2019, el primero de su tipo en Ecuador en más de 25 años, es otro ejemplo de cómo las empresas colombianas pueden acceder a mercados internacionales cuando las condiciones son favorables.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nEstos casos destacan una tendencia creciente: cuando las estructuras de financiación son claras y los actores clave colaboran, el mercado de capitales puede colaborar activamente en la financiación de grandes proyectos.\r\n\u003Ch3>¿Hacia dónde se puede avanzar?\u003C\u002Fh3>\r\nEntre las oportunidades que surgieron durante la discusión, se destacan tres principales líneas de acción:\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\n\u003Cstrong>Bonos temáticos:\u003C\u002Fstrong> Aunque aún son escasos en Colombia, los bonos verdes, sociales y sostenibles tienen un gran potencial para atraer capital internacional. Más allá del valor económico, estos instrumentos ofrecen la oportunidad de mejorar la reputación de los proyectos y alinearlos con los estándares ESG (ambientales, sociales y de gobernanza).\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\n\u003Cstrong>Titularizaciones: \u003C\u002Fstrong>En especial, la titularización de flujos de concesiones podría ser una vía eficaz para financiar las etapas operativas de los proyectos. Aunque ampliamente utilizada en Brasil, este mecanismo sigue siendo subutilizado en Colombia.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\n\u003Cstrong>Alineación regulatoria y operativa:\u003C\u002Fstrong> Aunque las normas están en su lugar, la verdadera clave está en su implementación práctica. La flexibilización de ciertos procedimientos y la mejora en la coordinación entre los actores involucrados son esenciales para lograr un acceso más eficiente al financiamiento.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\n\u003Cstrong>Cambio cultural: \u003C\u002Fstrong>se necesita una mayor disposición de los inversionistas a asumir riesgos controlados, contratos más adaptados a cada proyecto y un ecosistema que promueva la innovación financiera. También se subrayó la importancia de fomentar proyectos que no dependan de respaldo fiscal, dadas las limitaciones presupuestarias del gobierno, y de reactivar tanto el pipeline público como privado.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nFinalmente, se destacó el rol de las multilaterales y los fondos de deuda en la intermediación del riesgo de construcción, facilitando el acceso de actores menos sofisticados a fuentes de financiamiento.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\n\u003Cimg alt=\"\" src=\"https:\u002F\u002Fcdn.griinstitute.org\u002Fuploads\u002Ffiles\u002FGRI_cuatrecasas_26_marzo_78_2_2025_4_10_19_24_34_1744313074.jpg\" style=\"width:100%\" \u002F>\r\n\u003Cdiv style=\"text-align:center\">\u003Cspan style=\"font-size:12px\">(\u003Cspan class=\"company-profile-link\" data-id=\"1\">\u003Cspan class=\"company-profile-link\" data-id=\"13404\">\u003Cspan class=\"company-profile-link\" data-id=\"14827\">\u003Cspan class=\"company-profile-link\" data-id=\"15498\">\u003Cspan class=\"company-profile-link\" data-id=\"16494\">\u003Cspan class=\"company-profile-link\" data-id=\"16980\">\u003Cspan class=\"company-profile-link\" data-id=\"17660\">\u003Cspan class=\"company-profile-link\" data-id=\"20971\">GRI Institute\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fspan>)\u003C\u002Fspan>\u003C\u002Fdiv>\r\n","Articulo","#andean \r\n#paisesandinos \r\n#desarrollosostenible \r\n#griinfraawardsandean\r\n#premiación \r\n","Mercado de capitales en Colombia ","Propuestas del sector de infraestructura para aumentar la liquidez, diversificar fuentes y madurar la industria ","https:\u002F\u002Fcdn.griinstitute.org\u002Fuploads\u002Fhubnews\u002F500x500_px_Social_[18]_2025_4_10_16_26_10_1744313170.jpg","2025-04-10T16:15:23.000Z","2025-11-14T11:28:01.000Z",{"code":23},{"id":5,"color":7,"translations":1475},[1476,1478,1480],{"title":6,"slug":11,"language":1477},{"code":13},{"title":15,"slug":16,"language":1479},{"code":18},{"title":20,"slug":21,"language":1481},{"code":23},[1483],{"id":120,"label":986,"translations":1484},[1485,1487,1489],{"label":986,"slug":997,"language":1486},{"code":13},{"label":1000,"slug":1001,"language":1488},{"code":18},{"label":1004,"slug":1001,"language":1490},{"code":23},[1492],{"name":567,"enName":567,"ptName":567,"iso2":1493},"MX",[1495],{"name":1496,"slug":1497,"image":1498,"order":115},"Belén Palkovsky","belen-palkovsky","https:\u002F\u002Fcdn.griinstitute.org\u002Fuploads\u002Fhubnews_author\u002F080A1419_2025_11_04_11_24_07_1762266247.jpg",{"es":1500},"\u002Finfraestructura\u002Fel-mercado-de-capitales-en-el-financiamiento-de-la-infraestructura-colombiana",[1502,1503,1504,1505,1506,1507],"Infra Brazil","Infra Latam","Real Estate Brazil","Real Estate Europe","Real Estate India","Real Estate Latam"]