Marrugo González, RamiroGómez Gómez, Ronald DavidMontes Hoyos, María Alejandra2020-10-212020-10-212020-10-19https://repositorio.unicordoba.edu.co/handle/ucordoba/3457The TES are public debt securities issued by the national government and administered by the Banco de la República. The objective of the TES issue is to obtain financing for its activities. These are issues defined as fixed income and it is the Nation that will be responsible for paying the interest; taking into account the above, the main objective of this research is to analyze the behavior of TES in the Colombian capital market in the period from 2015 to 2017. Regarding the methodology, the type of research that was used to develop this project it is descriptive. For the effect of the analysis, qualitative techniques were used, establishing the data grouped in tables and proportional expressions called thanks, along with all this, the qualitative analysis of these tables is carried out, describing the results, which will serve as support in the analysis and conclusion of the investigation. Among the results, it was established throughout the three years studied, that there are multiple uncontrollable variables in the stock market, especially for issuers who are the ones who make their securities available to said market, which in some cases could generate a nominal value on the downside, on the upside and highly fluctuating depending on the financial operations of this market in order to offer positive and certain scenarios for such TES, since a good issuance of TES combined with a good policy of expansion of financial instruments will give An important management of the public debt in the country which will improve its rating and should give priority to its payment.RESUMEN .............................................................................................................................. VIABSTRACT ............................................................................................................................ VIIINTRODUCCIÓN ...................................................................................................................112. JUSTIFICACIÓN..............................................................................................................133. OBJETIVOS .....................................................................................................................143.1.OBJETIVO PRINCIPAL ..................................................................................................143.2.OBJETIVOS ESPECÍFICOS .........................................................................................144. ANTECEDENTES Y REFERENTES TEÓRICOS, PRÁCTICOS Y LEGISLATIVOS RELACIONADOS CON LOS TES EN EL MERCADO DE..........154.1.ORIGEN DE LOS TÍTULOS DE TESORERÍA TES. .................................................154.2.FORMAS DE COLOCACIÓN DE TES.........................................................................174.2.1. Operaciones forzosas ...........................................................................................174.2.2. Operaciones convenidas ......................................................................................184.3.MERCADO SECUNDARIO DE DEUDA PÚBLICA TES. ..........................................184.3.2. Sistemas de negociación Los TES Clase B. .....................................................194.4.LOS TES COMO ACTIVO SUBYACENTE. ................................................................204.5.TEORÍAS DE LAS CURVAS DE RENDIMIENTOS ...................................................224.5.1. Teoría de la preferencia por liquidez según Hicks (1934) ..............................234.5.2. Teoría del hábitat preferido según Modigliani & Sutch (1967) .......................234.5.3. Teoría de la segmentación del mercado según Cultberson (1957)...............245. METODOLOGÍA ..............................................................................................................256. RESULTADOS.................................................................................................................277. CONCLUSIÓN .................................................................................................................37BIBLIOGRAFÍA.......................................................................................................................40Listado de tablasTabla 1 Cronograma de actividades .......................................................................................... 21Lista de gráficasGrafica 1 Fecha de cumplimiento Vs. Valor nominal aprobado año 2017............................... 23Grafica 2 fecha de cumplimiento Vs. Precio correspondiente año 2017 ................................. 24Grafica 3 Fecha de cumplimiento Vs. Valor nominal 2016 ...................................................... 25Grafica 4 Fecha de cumplimiento Vs. Precio 2016 .................................................................. 26Grafica 5 Fecha de cumplimiento Vs. Tasa de corte 2016. ..................................................... 26Grafica 6 Fecha de cumplimiento Vs. Valor nominal 2015 ...................................................... 27Grafica 7 Fecha de cumplimientos Vs. Precio 2015................................................................. 28Grafica 8 Fecha de cumplimiento Vs. Tasa de corte 2015 ...................................................... 29application/pdfspaCopyright Universidad de Córdoba, 2020Trabajo de grado - Pregradoinfo:eu-repo/semantics/restrictedAccessAtribución-NoComercial 4.0 Internacional (CC BY-NC 4.0)Títulos de deuda públicaMercado bursátilMercado de capitalesMercados de deuda públicaPublic debt securitiesStock marketCapital marketPublic debt marketsStock market