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July 28, 2020.


Today the issuance of the 2.4 million Payment for Execution Certificates (TPEs), corresponding to 2.4 billion pesos, was carried out by the Metro de Bogotá Company and the Colombian Stock Exchange. The TPEs are an unprecedented financial instrument in Colombia, which will be used to finance part of the remuneration of the concessionaire in charge of the construction and operation of the First Line of the Bogotá Metro. These titles are tied to the development of the execution units by the concessionaire, thus making them not only a way to finance the project, but also a mechanism to guarantee its adequate development for the benefit of the city.


This is the largest issuance of public debt securities made by a district-level company and is the first of this nature to have a sovereign guarantee from the Nation. The issuance of TPEs for the Bogotá Metro is expected to represent a paradigmatic change in the way infrastructure projects are financed in Colombia.


We highlight the important work carried out by our partners Álvaro Durán and Álvaro Gasca, and our associates Felipe Herrera and Sebastián Duque, who led the legal component of the structuring and issuance of these securities.

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