Bogotá Energy Group Seeks US$126M in Debt

COLOMBIA · MARKETS

Bogotá Energy Group (GEB), controlled by Colombia’s capital city, is auctioning up to 400,000 million pesos (about US$126 million) in short-term notes on Thursday. The company, known locally as Grupo Energía Bogotá, has opened the sale to investors in general, from 1 million pesos (about US$314).

The company has already begun the process of listing its shares in the United States, the Colombian financial news site Valora Analitik reported. Thursday’s auction is the first sale under a program of up to 2.5 trillion pesos (about US$785 million) in local bonds and notes.

What Bogotá Energy Group Is Selling

The base offer is 250,000 million pesos (about US$79 million) in notes maturing in 180 or 364 days, the offer notice says. If demand is higher, Bogotá Energy Group may add 150,000 million pesos (about US$47 million) for a ceiling of 400,000 million pesos (about US$126 million).

Both maturities pay a fixed annual rate, and interest and principal are paid in full when the notes mature. The rate comes from a Dutch auction, in which all winning bidders for each maturity receive the same cut-off rate.

Colombia’s Finance Ministry sets a maximum rate for each maturity, and that ceiling stays hidden from bidders. Bids below the cut-off are filled in full, bids at the cut-off may be cut back pro rata, and higher bids are rejected.

Who Can Buy the Notes and How

The notes are aimed at investors in general and are listed on the Colombian Securities Exchange (BVC), the country’s stock exchange. The minimum purchase is one note of 1 million pesos (about US$314), and notes cannot be split.

Valores Bancolombia, a Colombian brokerage, leads the sale alongside the brokers BBVA Valores, BTG Pactual and Corredores Davivienda. Brokers take orders from 8:30 a.m. to 11:30 a.m. Bogotá time on Thursday, and exchange members can bid directly until 12:30 p.m.

Payment for the notes is due on Friday 16 October, settled through Deceval, Colombia’s central securities depository. Bogotá Energy Group must then publish the repayment terms of each series it places in a regulatory filing.

Who Owns Bogotá Energy Group

Bogotá Energy Group has a 130-year history and works across electricity generation, transmission and distribution, and natural gas transport and distribution. It operates in Colombia, Peru, Brazil and Guatemala, its September 2026 corporate presentation says.

The city of Bogotá held 65.68% of the shares on 30 September 2026, according to its shareholder list. Colombian pension funds Porvenir and Protección are the next largest holders, and an iShares fund tracking Colombia’s COLCAP stock index holds 1.94%.

Its holdings include TGI, Colombia’s largest natural gas transporter, Peruvian gas distributor Cálidda and a stake in the power company Enel Colombia. Readers can follow the group on its Rio Times Company Intelligence profile.

What the Money Is For

The company will use all the proceeds for general corporate purposes, the offer notice says. Until the cash is spent, it may sit in low-risk, highly liquid financial instruments.

None of the money may repay debts owed to affiliated companies or shareholders, the notice adds. Colombian rules also bar proceeds of such notes from funding lending activities or buying shares or convertible bonds.

The Finance Ministry authorised the program on 31 December 2024, and the market regulator, the Financial Superintendency (SFC), registered it in 2025. After this sale, 2.1 trillion pesos (about US$660 million) will remain available for future bonds or notes.

What It Means for You

For US investors, the auction is an early look at demand for a company that is preparing a share listing in the United States. Portafolio, the Colombian business daily, described the sale as debt open to every type of investor.

The notes are in Colombian pesos, at about 3,183 to the US dollar on 15 October, so dollar-based buyers take on currency risk. Buyers must be clients of an authorised Colombian broker and pass its anti-money-laundering checks.

Fitch Ratings Colombia rates the program’s long-term bonds AAA(col), its top national grade, and affirmed that rating in May and August 2026. On the global scale, Fitch rates the group BBB- and Moody’s rates it Baa3, the lowest investment-grade step at each agency.

What Is Not Known

The cut-off rates for the 180-day and 364-day notes will only be known after bidding closes on Thursday. The maximum rate allowed by the Finance Ministry is kept confidential.

It is also not known how much of the extra 150,000 million pesos (about US$47 million) Bogotá Energy Group will take up. That depends on demand and on whether rates and maturities suit the company.

More: Colombia news in English, every day from The Rio Times.

Frequently Asked Questions

What is Bogotá Energy Group?

Bogotá Energy Group, or Grupo Energía Bogotá (GEB), is a power and natural gas group with operations in Colombia, Peru, Brazil and Guatemala. The city of Bogotá owns 65.68% of its shares.

How much debt is GEB selling?

GEB offers 250,000 million pesos (about US$79 million) in notes and may raise that to 400,000 million pesos (about US$126 million). The notes mature in 180 or 364 days.

Can anyone buy the notes?

The offer is open to investors in general, with a minimum of 1 million pesos (about US$314). Orders go through a Colombian broker or directly through members of the exchange’s trading system.

When will the results be known?

Bidding closes on Thursday 15 October, and buyers pay on Friday 16 October. Bogotá Energy Group must publish the repayment terms of each series it places on the next business day.

Sources: Grupo Energía Bogotá, offer notice (aviso de oferta), 14 October 2026; Grupo Energía Bogotá, commercial paper roadshow presentation, September 2026; Grupo Energía Bogotá, top 25 shareholders, 30 September 2026; Grupo Energía Bogotá, corporate presentation, September 2026; Portafolio, 14 October 2026; Valora Analitik, 14 October 2026.

This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief

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