AndreDigiacomo,EM/LATAMFX/IRStrategist|BancoBNPParibasBrasilLucaMaiaEM/LATAMFX/IRStrategist|BancoBNPParibasBrasil,SamuelCastro,EM/LATAMFX/IRStrategist|BancoBNPParibasBrasil05/06/19Colombia:PensionfundsexpanddebtmarketpresenceKEYMESSAGESColombia’spublicdebtremainedunchangedinAprilfromMarch’sCOP308.3trn(USD95.3bn),accordingtotheMinistryofFinance.Theshareofnon-residentsinColombia’spublicdebtrosebyamarginal0.1%m/mtoCOP78.4trn(USD24.2bn).ThelatestreportfromSuperintendenciaFinancieradeColombiashowsassetsundermanagement(AUM)oflocalpensionfundsincreased2.1%m/mand11.2%y/yinMarch.Althoughtotalequityholdingsdecreasedby7.3%in2018,theyhaveincreasedconsiderablytoCOP120.5trn(USD38.1),representingan11.1%YTDgrowth.BreakingupAUMvariationsintoflowsandperformancecomponentsColombia’stotalpublicdebtremainedunchangedinAprilfromMarch’sCOP308.3trn(USD95.3bn),accordingtotheMinistryofFinance.Theshareofnon-residentsinColombia’spublicdebt,meanwhile,rosebyamarginal0.1%m/mtoCOP78.4trn(USD24.2bn).PublicdebtholdingsofforeigninvestorscontinuedtoshowadeclineinAprilaspensionfundshaveincreasinglyraisedtheirparticipationinpublicdebt,up2.1%(USD0.5bn)m/minApriland23.5%y/y(USD5.2bn).Table1andFig.1-4:BreakdownofpublicdebtSources:BloombergLLP,Colombia’sMinistryofFinance;BNPParibas,dataasofApril2019.COP(trn)Mar-19m/my/yFeb-19Mar-18DomesticPublicDebt308.4%ofTotal1.2%15.2%304.7%ofTotal267.8%ofTotalPensionFunds86.328.0%3.8%23.5%83.127.3%69.926.1%Non-residents78.325.4%0.3%11.2%78.125.6%70.426.3%PublicSector66.421.5%-0.8%9.4%66.922.0%60.722.7%CommercialBanks49.316.0%1.6%12.1%48.515.9%44.016.4%Others28.19.1%0.1%23.1%28.19.2%22.88.5%Non-residents%ofIntl.Reserves47.9%--1.2%-5.0%49.1%-52.9%-0%8%15%23%30%2013201420152016201720182019Holdingsasa%oftotaldebt2%8%14%20%26%519334761752013201420152016201720182019COPtrnNon-residentsholdingsoflocaldebtNon-residentsholdingsasa%oftotaldebt(RHS)(1.5)0.01.53.04.52013201420152016201720182019Non-residentsmonthlychange(COPtrn)3monthsmovingaverage0.228.0%25.4%21.5%16.0%9.1%Pe...
