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Bogotá.-In the second month of 2023, the average ratio between the demand for short-term TES auctions and the amount initially called (bid to cover) remained the same as in the previous January.
In fact, and according to figures from the Ministry of Finance, in February of this year, the average bid to cover in these auctions was 4.02 times the amount offered, the same figure recorded in January.
Specifically, in the four placements of this month, this ratio of bid to cover was, in order from first to last, 3.3 times, 3.6 times, 4.6 times and 4.6 times.
In January 2023, the average of the indicator was 3.48 times; in February, 3.57 times; in March, 3.62 times; in April, 1.5 times; in May, 1.9 times; in June, 2.65 times; in July, 2.47 times; in August, 2.36 times; in September, 2.97 times; in October, 2.08 times; in November, 6.86 times; and in December, 6.86 times.
It should be recalled that the amount of short-term TES placements for 2024, under the auction mechanism, increased 16.6% in 2024 to $175 billion. In 2023, as is known, the value offered by the Ministry of Finance ended up being $150 billion, although this figure was revised downwards last April from the initial $250 billion.
It should be taken into account that, throughout 2022, the average bid to cover was 2.23 times. By month, the results were as follows: in September, it averaged 2.3 times the average bid to cover.
