巴黎银行-新兴市场-投资策略-哥伦比亚监测：AFP的持股大幅增加-2019070.pdf

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2、EM03July2019EMSTRATEGYColombiaMonitor:AFP’sequityholdingsincreaseconsiderablyTable1andFig.1-3:BreakdownofpublicdebtKEYMESSAGESCOP(trn)May-19m/my/yApr-19May-18Colombia’stotalpublicdebtincreasedby1.9%inDomesticPublicDebt314.11.9%12.3%308.3279.8MaytoCOP314

3、.1trn(USD92.9bn)fromPensionFunds89.61.8%22.7%88.173.1COP308.3trninMay,accordingtotheMinistryofNon-residents78.70.4%7.9%78.472.9Finance.PublicSector67.31.8%3.9%66.264.8CommercialBanks48.52.9%13.9%47.142.6Debtholdingsofnon-residentsrepresented44.8%Others30.05.3

4、%13.5%28.526.4ofinternationalreservesduringthemonth,downNon-residents%ofIntl.Reserves44.8%-5.4%-8.2%50.2%53.0%8.2ppfromthecorrespondingperiodlastyear.Meanwhile,AUMoflocalpensionfundsincreasedHoldingsasa%oftotaldebt30%by1.5%m/mand10.4%y/yinApril,accordingto28.

5、5%SuperintendenciaFinancieradeColombia’slatest25.0%report.23%21.4%TotalequityholdingshaveincreasedtoCOP124.1trn(USD39.9)thisyear,representinga15%15.4%14.4%YTDgrowthofUSD5bn.9.5%8%BreakingupAUMvariationsintoflowsandNon-residentsPensionFundsCommercialBanksPubli

6、cSectorperformancecomponents0%OthersColombia’stotalpublicdebtincreasedby1.9%inMayto2013201420152016201720182019COP314.1trn(USD92.9bn)fromCOP308.3trninMay,Non-residentsholdingsoflocaldebtaccordingtotheMinistryofFinance.Theshareofnon-Non-residentsholdingsasa%of

7、totaldebt(RHS)residentsinthecountry'spublicdebt,meanwhile,7526%increasedinabsolutetermsbyamarginal0.4%m/mtoCOP78.7trn(USD23.3bn).5820%PublicdebtholdingsofforeigninvestorscontinuedtoshowOPtrnadeclineinrelativetermsinMayaspensionfundshaveC4014%increasinglyraise

8、dtheirparticipationinpublicdebt–by1.8%(USD0.4bn)m/mand22.7%y/y(USD4.9bn).See238%Fig.1.52%Duringthemonth,debtholdingsofnon-residents2013201420152016201720182019represented44.8%ofinternationalreserves,down8.2ppfromthecorrespondingperiodlastyear.Non-residentsmon

9、thlychange(COPtrn)3monthsmovingaverageThematuritiesinColombia’snominalratesmarketarewell-4.5distributedoverthenextfewyears,withthebiggestmaturitiesintermsofsizebeingthe2022,2025and20263.0