Debt & capital markets
- Debt raising
- Refinancing and restructuring
- Bond issues and securitizations
Capital, value and strategy for your debt.
A boutique investment bank, independent from commercial banking, in Bogotá since 2004. We raise and refinance debt, restructure liabilities, structure bond issues, value companies, advise on mergers and acquisitions and structure infrastructure projects and PPPs.
22+years
150+projects
COP 2+ tnin structured debt
Corporate finance
- Mergers & acquisitions (M&A)
- Business valuation
- Financial consulting and modeling
Projects & PPPs
- Project finance
- Public-Private Partnerships
- Bankability analysis
Expert witness
- Arbitral tribunals
- Damages quantification
- Contractual disputes
A boutique firm with more than 20 years of craft.
Esfinanzas is a boutique investment bank specialized in corporate debt, liability refinancing and restructuring, capital markets, mergers and acquisitions, business valuation, project finance and strategic advisory for companies, investors and public entities.
Why independence matters
- No balance sheet and no products to place: no hidden agenda.
- We make banks, funds and investors compete for your deal.
- The partners who sign the mandate are the ones who execute it.
- If your deal isn't viable, we tell you in the first hour.
Learn more about the firm
With more than 20 years of experience, we are known for close, hands-on advisory that combines technical rigor, strategic thinking and deep sector knowledge.
We work with companies, investment funds, entrepreneurs and institutions on financial modeling, deal structuring, M&A, PPPs, project finance and economic feasibility, from strategy to execution.
Unlike traditional banks, we have no conflict with a balance sheet of our own, no pre-packaged products to sell and no junior teams with high turnover running your deal.
Tell us about your project→First conversation, no commitment
Not sure exactly what you need? That's normal.
You don't need to know the technical terms. Pick the situation closest to yours and we'll explain, in plain words, how we can help.
Debt raising
We get your company the loan it needs, comparing banks, funds and multilaterals for the best rate, tenor and conditions.
- We assess how much debt your company can take on
- We prepare the information lenders ask for
- We run a competitive process and negotiate
Example: a company needs to finance a plant expansion and wants to compare offers from several banks.
Debt refinancing and restructuring
If installments are squeezing your cash, we negotiate with your lenders for longer tenors, better rates, grace periods or a new structure.
- We diagnose all your liabilities
- We design a payment plan your cash flow can support
- We negotiate with each bank on your behalf
Example: several loans mature in the same year and the company cannot pay them all at once.
Mergers and acquisitions (M&A)
We run the whole process to sell your company, buy another or bring in a partner: finding counterparties, valuing and negotiating.
- We find buyers, targets or partners
- We prepare the information and the data room
- We negotiate price and contract terms
Example: the founding family wants to sell part of the company to a strategic investor.
Business valuation
We tell you what your company or stake is worth, with a number you can defend before buyers, partners, auditors or judges.
- Valuation by cash flows and comparables
- Fairness opinions for boards
- Valuations for accounting, disputes or partner exits
Example: a partner is leaving and the others need to agree on a fair price for their shares.
Bond issues and capital markets
Instead of relying on one bank, your company can raise funds from many investors by issuing bonds or securitizing assets.
- We check whether the market fits your company
- We structure the issue and coordinate the rating
- We accompany registration and placement
Example: a toll-road concessionaire issued COP 40,000 million in bonds advised by Esfinanzas.
Project finance and PPPs
We structure and finance large projects that pay for themselves with their own future revenues: roads, energy, hospitals, buildings or PPPs.
- We assess whether the project is bankable
- We design the financial and security structure
- We raise debt and support you to financial close
Example: a private PPP initiative needs a financial model and a lender-ready structure.
Financial expert witness
We calculate and support, with technical rigor, how much money was lost or is owed, and defend it before the tribunal.
- Damages and lost-profits quantification
- Expert reports for arbitration and courts
- Support during cross-examination
Example: a contractor claims extra costs from a public entity before an arbitral tribunal.
First conversation
That's completely normal. Tell us your situation in your own words and in a first 30-minute call we'll tell you whether we can help — and if not, who can.
- No cost and no commitment
- Directly with a partner
- Confidential
Eleven services, one deal table.
Debt, bonds, M&A, valuation, projects or disputes: every mandate is run by a senior team from start to finish, never handed off to third parties.
Debt & capital markets
Debt raising
Capital origination with local banks and multilaterals, private debt funds and specialized vehicles.
In plain wordsWe get your company the loan it needs, making banks and funds compete for the best terms.
- Syndicated and bilateral loans with local banks
- Access to multilaterals (IDB, CAF, IFC, FDN)
- Private debt funds and mezzanine credit
- Competitive processes to optimize terms
Debt & capital markets
Debt refinancing and restructuring
Renegotiation of tenors, rates and covenants, refinancing and restructuring of liabilities to optimize the cost of capital.
In plain wordsIf your debt payments are too heavy, we negotiate longer tenors, better rates or a new structure with your banks.
- Comprehensive diagnosis of financial liabilities
- Renegotiation of tenors, rates and covenants
- Refinancing and debt consolidation
- Support in reorganization proceedings
Debt & capital markets
Bond issues and capital markets
Corporate, ordinary, sustainable and green bond issues; securitizations and private placements.
In plain wordsYour company raises money from many investors through the stock exchange, instead of a single bank.
- Ordinary and subordinated corporate bonds
- Green, social and sustainable bonds (ICMA framework)
- Securitization of receivables, cash flows and assets
- Private placements and structured notes
Corporate finance
Mergers and acquisitions (M&A)
Buy-side and sell-side advisory, target identification, financial due diligence and negotiation of terms.
In plain wordsWe help you sell your company, buy another or join forces with a partner, at the best price and without costly mistakes.
- Sell-side and buy-side mandates with competitive processes
- Identification of and approach to buyers or targets
- Vendor due diligence, information memoranda and data rooms
- Negotiation of SPAs, earn-outs and adjustment mechanisms
Corporate finance
Business valuation
Discounted cash flows, trading comparables and precedent transactions. Fairness opinions for boards.
In plain wordsWe tell you what your company is worth, with a number you can defend before buyers, partners or judges.
- Valuation by DCF, multiples and comparable transactions
- Fairness opinions for boards of directors
- Valuation for M&A, reorganizations and partner exits
- Valuations for financial reporting (IFRS 13)
Corporate finance
Financial consulting
Ongoing strategic support for management, boards of directors and planning teams.
In plain wordsWe support management and the board on important financial decisions, month after month.
- Strategic support for boards and management
- Financial planning and capital policy
- Corporate governance structuring
- Recurring financial oversight committees
Corporate finance
Financial modeling
FAST-standard transaction models: robust, auditable and built to support negotiations.
In plain wordsWe build the model that shows whether the numbers of your business or project add up.
- Transaction models under the FAST standard
- Sensitivities and scenarios
- Audits and reviews of existing models
- Multi-year financial planning models
Projects & PPPs
Project finance and structuring
Financial and security architecture for large-scale projects with contractual cash flows.
In plain wordsWe get financing for a large project that pays for itself with its own future revenues, like a toll road.
- Non-recourse and limited-recourse project finance
- Cash-flow waterfalls, reserve accounts and SPVs
- Collateral, trust and contractual security
- Negotiation with banks, funds and multilaterals
Projects & PPPs
PPPs and concessions
Structuring of publicly and privately initiated Public-Private Partnerships in economic and social infrastructure.
In plain wordsThe State and a private company team up to build and operate public infrastructure.
- Privately and publicly initiated PPPs (Law 1508 of 2012)
- Economic and social infrastructure
- Value-for-money and eligibility analysis
- Support before DNP, Ministry of Finance and entities
Projects & PPPs
Bankability analysis
Early diagnosis to determine whether a project is financeable and what must be fixed if it is not.
In plain wordsWe tell you whether a bank would lend to your project today, and what to fix if not.
- Financial and market feasibility diagnosis
- Identification of bottlenecks and risks
- Roadmap to bankability
- Early approach to lenders
Expert witness
Financial expert witness
Expert reports for arbitration and court proceedings, quantification of damages and lost profits.
In plain wordsIn a lawsuit or arbitration, we calculate and support how much money was lost or is owed.
- Financial expert reports for arbitral tribunals
- Quantification of damages and lost profits
- Expert opinions in contractual disputes
- Support during cross-examination
Tailor-made
Your mandate doesn't fit a box?
Every deal is different. If your case needs a tailor-made structure, let's talk directly.
Tell us about it →Sectors where we know the ground
Two decades with sponsors, governments and holdings give us hands-on familiarity with Colombia's real economy.
Infrastructure and transport
Healthcare
Oil & energy
Telecom
Industrials
Public sector and PPPs
How we work: four phases, one team.
- Phase 1 · 2 to 3 weeks
Diagnosis
We understand operations, cash flows, the balance sheet and governance, and give you an honest read of what is viable and what must be fixed.
- Phase 2 · FAST standard
Modeling and structuring
Auditable models, valuations, term sheets, prospectuses and information memoranda for the committee, investor or buyer.
- Phase 3 · Independence
Competitive execution
A competitive process with banks, funds, investors or buyers, depending on the mandate.
- Phase 4 · Until signing
Negotiation and closing
Covenants, contracts, placement and disbursements. We stay to the end.
Selected mandates.
A sample from a portfolio of more than 150 projects. Filter by type of service. Request the full portfolio →
Financing
Autopistas del Sol
COP 300 billion financing
Debt raising for the toll-road concession.
Bond issue
Fiduciaria de Occidente
COP 220 billion bond issue
Structuring of the issue in the public securities market.
Project structuring
Aerocivil
Concession of 6 airports
Comprehensive structuring of the airport concession.
Valuation and M&A
EPM
Valuation and acquisition of a company
Valuation and support in the acquisition.
Debt refinancing
Aguas de la Sabana
Debt refinancing
Renegotiation of the company's liability structure.
Expert witness
Transmilenio
Financial expert report
Financial expert report for Transmilenio S.A.
Full portfolio of 89 published projects (Spanish) →
What our clients say
More than a provider, we have found a true ally, committed to detail, technical rigor and a thorough understanding of our financial strategy.
Financial Vice PresidencyKMA ConstruccionesTranslated from SpanishWorking with Esfinanzas has been a highly valuable experience for iCo Medios. Their team showed a deep understanding of our operations, acting with professionalism, transparency and commitment to our needs. Throughout the process they demonstrated a solid strategic vision, strong analytical capability and a constant focus on creating value and optimizing our resources. We especially value their closeness, professionalism and results-driven approach, qualities that make them a trusted strategic ally.
Financial and Administrative ManagementiCo MediosTranslated from SpanishOrganizations that have trusted us.
More than two decades advising holdings, multinationals, government entities and leading business groups in Colombia.
- KMA Construcciones
Consorcio Express
EAAV
Med Plus- Finagro
Odinsa
Este es mi Bus
EMSA
Cafesalud EPS
ICBF
ICCU
ETIB
ENERTOLIMA
Clínica del Country
EAN Universidad
ANI
Transmilenio
EIS
Clínica La Colina
Corparques
Integral
Gobernación de Cundinamarca
Aguas de la Sabana
Clínica Portoazul
IDEA Antioquia
Cieno Group
DNP
ProColombia
Ministerio de Hacienda
Aeronáutica Civil
IDU
OIM ONU
Friogán
Petrobras
4-72
SAE
Celsia
UPME
Corficolombiana
EMI
Sumatoria Banca de Inversión
EPM
GSC
Hidroituango
The team that signs the mandate closes the deal.
Three partners with complementary careers. We don't outsource execution; every deal is worked from the main table.
Bernardo Henao Riveros
Partner · 30+ years of experienceEconomist from Universidad Externado de Colombia with graduate studies at Universidad de los Andes and CESA. Has served on multiple boards in infrastructure, transport, concessions and financial services.
Talk to Bernardo →
Fabián Mauricio Flórez Espitia
Partner · 20+ years of experienceEconomist from Universidad de los Andes with a Master's in Finance and Banking from Universidad de Alcalá. Specializations in financial risk and economic law.
Talk to Fabián →
Jaime Eduardo Guzmán
Partner · 20+ years of experienceEconomist from Universidad de los Andes with a concentration in Finance and Local Development. MBA from Ashridge Business School (England) and a specialization in Economics of Risk and Information from Universidad de los Andes.
Talk to Jaime →Podcast · Rincón Financiero (in Spanish)
Meet the partners in their own words.
Jaime Guzmán and Fabián Flórez tell how they went from entrepreneurs to bankers: the early days of Esfinanzas, what it takes to build an independent firm, and real cases in infrastructure, debt and bond issues. They also discuss the difference between working with the public and private sectors.
Rincón FinancieroJaime Guzmán & Fabián Flórez — De emprendedores a banqueros, la historia detrás de EsfinanzasPlaying loads the Spotify player.
Frequently asked questions
Straight answers to what companies, investors and entities ask us before a first meeting.
What does an independent investment bank like Esfinanzas do?
It advises companies, investors and public entities on their big financial decisions: raising or refinancing debt, issuing bonds, buying or selling companies, valuing them, structuring infrastructure projects and PPPs, and preparing financial expert reports. It is independent because it does not lend money or sell its own products: its only interest is for the client's deal to close on the best terms.
What is debt refinancing (reperfilamiento) and when does it make sense?
It means renegotiating debt terms with lenders —tenor, rate, grace periods— so payments match what the company can actually pay. It makes sense when several loans mature at once, rates have risen or tenors are too short, ideally before any default.
Can my company issue bonds in Colombia?
Yes, if it has stable cash flows and meets the requirements: a credit rating, a prospectus, registration in the National Registry of Securities and Issuers (RNVE) with the Financial Superintendence, and a bondholders' legal representative. The "segundo mercado", aimed at professional investors, has lighter requirements.
How is a company valued?
Mainly by the cash it can generate in the future, discounted for risk (discounted cash flows). That result is cross-checked with multiples of similar companies and recent transactions to reach a defensible value range.
What is project finance?
A way of financing a project in which the debt is repaid with the revenues the project itself generates, not with its owners' balance sheet. It is used for roads, energy, hospitals and other infrastructure with contractual revenues.
What is a PPP in Colombia?
A Public-Private Partnership is a contract in which a private party designs, builds, finances, operates and maintains public infrastructure and is paid according to availability and service quality. PPPs are governed by Law 1508 of 2012 and can be publicly or privately initiated.
What is a financial expert report and when is it needed?
A technical report by an independent expert that quantifies financial aspects of a dispute —such as damages or lost profits— so a judge or arbitral tribunal can decide on objective grounds. It is needed in lawsuits or arbitrations with economic claims.
Do you work with foreign investors and public entities?
Yes. We have advised entities such as ANI, IDU, DNP and the Ministry of Finance, as well as private companies and investors. We are based in Bogotá and work across Colombia.
Finance made simple.
Short stories to understand, in a minute, how debt, valuations, PPPs and our cases work.
Book 30 minutes with a partner.
Pick a day and time that work for you. It is a free, no-commitment first conversation, and a partner will confirm within one business day.
- 30 minutes, by video call or at our office
- You talk directly to a partner, not an assistant
- Bogotá time (UTC−5), Monday to Friday
If you have a complex project, let's talk.
A first meeting commits you to nothing. If your mandate doesn't fit our capabilities, we'll tell you in the first hour and suggest who to turn to.
- Emailinfo@esfinanzas.com
- Phone+57 (601) 704 3216
- WhatsApp+57 319 259 1590
- OfficeCalle 110 #9-25, Of. 711 · Bogotá, Colombia