The outstanding balance of Treasury Bonds (BOTES) in the local market reached G$ 8.498 trillion by the end of April 2026, equivalent to US$ 1.421 billion. The figures highlight the Paraguayan state's increasing reliance on the domestic market as a source of financing. The holder composition reveals a high concentration: banks, finance companies, and cooperatives account for more than 70% of the total issued, while the remainder is distributed among institutional investors and individuals and legal entities.
The largest holder of these securities is the Deposit Guarantee Fund (Fondo de Garantía de Depósitos – FGD), with a portfolio of G$ 1.337 trillion, representing 15.72% of the total. This position reflects the role of public instruments as an investment alternative for entities linked to financial stability. In second place is Itaú, with G$ 1.107 trillion and a 13.03% share, consolidating its status as the largest private bank exposed to local sovereign debt.
Banco Sudameris ranks third, holding G$ 895.891 million, equivalent to 10.54% of the market. Next are Ueno, with G$ 739.616 million (8.70%), and Banco Continental, with investments totaling G$ 609.651 million (7.17%). Rounding out the top ten holders are Zeta Banco (6.89%), GNB (4.84%), Banco Basa (4.42%), and the Institutional Investor category (4.31%). Tenth place goes to Banco para la Comercialización y la Producción SA, with a 3.38% share.
Together, these ten actors concentrate approximately 80% of the BOTES issued in the local market, indicating a high level of concentration among financial institutions and institutional agents. The holder structure shows that the domestic debt market continues to be driven primarily by banks and financial entities, which find in public securities low-risk instruments offering attractive returns compared to other local-currency alternatives. Furthermore, the growth in guaraní-denominated issuances contributes to the development of Paraguay's capital market and partially reduces dependence on external dollar financing.