Companies entering the stock market rose 50% in 2025, and the next challenge is to make the most of investment grade
- The BVA closed 2025 with total trading volume of G. 60.3 trillion (USD 8,123 million), a new record for the institution, 17% above the previous high of G. 51.5 trillion set in 2024.
- Securities issuance rose 49.3% and topped USD 1,000 million, a sign of the growing presence of companies that find in the exchange a long-term financing mechanism for their projects.
- The challenge now is to get companies ready to take advantage of the opportunities created by the investment grade the country has recently obtained, mainly in forming alliances with foreign firms.
2025 closed as a new record year for the Asunción Stock Exchange (BVA). Total trading volume was G. 60.3 trillion (or USD 8,123 million, taking into account exchange rate movements through the year), 17% up on the G. 51.5 trillion recorded in 2024.
The last month of 2025 reported exchange transactions worth G. 6.25 trillion (or USD 950 million), 9.3% below December 2024 volume but 45.5% above the previous month. It is worth recalling that October had been the month with the highest trading figure, at G. 6.28 trillion, so December was the second-highest month for BVA trading volume last year.
Volume traded by month in 2025 (in trillions of guaraníes)
Source: Prepared in-house with data from the Asunción Stock Exchange (BVA).
December 2025 trading volume was well above the monthly average of G. 5 trillion or USD 676.9 million the exchange handled over the year.
An encouraging boom in the primary market
Securities issuance on the local exchange expanded significantly during 2025, a sign of the momentum companies' investment projects are gaining and an encouraging signal given the opportunities opening up for the country as its international credit profile improves.
Trading volumes in the BVA primary market reached G. 9.3 trillion (USD 1,447 million) between January and December 2025, 49.3% above the G. 6.2 trillion recorded in 2024 and 32.1% above the previous record of G. 7.1 trillion set in 2023.
December 2025 reached G. 2.2 trillion in BVA primary market trading, up 22% on the last month of 2024, making it the highest monthly volume for this market in two years. Securities issuance in December 2025 was close to the G. 2.3 trillion recorded in the same month of 2023.
Monthly primary market volume (in trillions of guaraníes)
Source: Prepared in-house with data from the Asunción Stock Exchange (BVA).
Securities issued on the BVA during 2025 carried an average interest rate of 10.43% for guaraní transactions, over an average term of 4.5 years (1,650 days), while the average interest rate in dollars was 7.16% and the average term 4.3 years (1,552 days).
Average rates (as a percentage) and terms (in years) of bond issues
Source: Prepared in-house with data from the Asunción Stock Exchange (BVA).
By way of comparison, interest rates on Certificates of Deposit (CDs) in the financial system averaged 9.72% for guaraní deposits and 5.78% in dollars, according to Central Bank of Paraguay (BCP) records as at the end of November 2025. In this case, most deposits are at 1-year terms, which in turn affects the terms over which institutions can lend.
As for the issuers present in the BVA primary market in 2025, financial sector companies took half of local-currency trading volume up to November, although their share fell to 39% with the issues made in December. The next most significant was the public sector, with a 21% share, and third was services, which came to account for 20% of the year's local-currency issuance, with a large volume in December.
With smaller shares of the total, the multilateral sector (8%), trade (6%) and industry (5%) also took part in the primary market.
Share of economic sectors in guaraní bond issuance (2025)
Source: Prepared in-house with data from the Asunción Stock Exchange (BVA).
Dollar issuance also had the financial sector as the primary market's largest participant in 2025, in this case with a 65% share of trading volume, followed by services (14%), industry (7%), the public sector (6%), agriculture (5%) and trade (3%).
Share of economic sectors in dollar bond issuance (2025)
Source: Prepared in-house with data from the Asunción Stock Exchange (BVA).
The BVA secondary market, for its part, reached G. 50.9 trillion up to December 2025, up 12% on 2024. In the last month of the year, trading in previously issued securities totalled G. 4 trillion, 21% less than in December 2024. In this market, July had been the most active month during 2025, with trading volume of G. 5.4 trillion.
Monthly volumes in the market secundario (2025)
Source: Prepared in-house with data from the Asunción Stock Exchange (BVA).
Other indicators of exchange trading in Paraguay
As usual, most BVA trading was in guaraníes in December 2025, with the local currency taking a 64.2% share. This is below the peak of 72.5% seen in October, despite the dollar continuing to depreciate.
The primary market, for its part, had a 35.4% share in December 2025, well above the 5.9% of the previous month, bringing its share of the full year to 15.5%. The secondary market therefore took the remaining 64.6% and 84.5% for each period analysed.
Bonds were again the most traded instruments on the BVA, accounting for 97.7% of December trading, against a 1.6% share for shares and 0.6% for investment funds.
Paraguayan companies and the second investment-grade rating
This continued growth in the Paraguayan exchange market, notable for the greater participation companies show year after year in seeking funds for their projects, is an important step given the investment-attraction opportunities opening up for the country as its international profile improves.
Elías Gelay, presidente de CADIEM Casa de Bolsa, analysed the picture following the second investment-grade rating Paraguay received in December 2025 from Standard and Poor's, moving from BB+ to BBB- with a stable outlook. He recalled that this improvement in the credit profile came after the new Securities Market Law and other legislative updates were approved.
This, together with the improvement in the country's credit profile after the creation of the National Directorate of Tax Revenue (DNIT) and the Ministry of Economy and Finance (MEF), shows the impact of the institutional reforms the Government is driving. In this second case, he was referring to the move to investment grade granted by Moody's in July 2024, from Ba1 to Baa3.
“Of 195 countries, 60 have investment grade. Every time a new investment option appears for institutional investors, it is fantastic, because it lets them diversify; they are all required to diversify among that minority of investment-grade countries where they can place their money,” said Elías Gelay, describing the importance of Paraguay's new standing among potential recipients of international investment.
On this, he explained that only 30% of countries worldwide have investment grade and 80% of the world's capital is in 20% of countries. “We have moved from the 70% of countries at speculative grade to the 30% with investment grade; Paraguay could only access 20% of the world's capital, and now we will access 80%, and that brings a great many opportunities,” he added.
On the impact this inflow of investment will have, CADIEM's chairman acknowledged that it will not only be money in the form of financing: foreign companies will also come to set up, to buy Paraguayan companies and to form partnerships, which is why he stressed the need to develop the country's equity market.
“This will mean people wanting to buy shares in companies. It will no longer be just about lending us money: they will come to invest, and investing means being part of the economy, probably by buying shares in companies,” he stressed.
He warned that local companies must prepare accordingly in order to partner with the foreign firms that will seek to set up in the country, because it will be hard to compete against the companies arriving attracted by investment grade. “The best thing will be to grow together and not be left out of the market, so we can make the most of all the opportunities coming,” he said.
Among the decisions local companies can take to meet the demands that will arise in making the most of investment grade, Gelay suggested that, even if financing may not be needed, entering the exchange is a step that helps institutions move forward with these preparations.
This is because the exchange is a market that requires good practice such as external audits and published financial statements, having the institution in order from a corporate standpoint, with a more open mindset towards partnering with firms abroad.
“When a foreign company arrives, it brings not only capital but technology and more qualified people, and we still have a major shortfall in training qualified staff. So this will also drive the development of knowledge within the economy, greater productivity through cutting-edge technology and people who come with different experience and a different outlook,” added CADIEM's chairman.
Finally, he recalled that the capital market has an important galvanising effect on the whole economy, because when you become an investor you start financing long-term projects, by buying 7 to 8 year bonds for example, which allows companies to grow far more. “Creating a broader capital market helps provide more options for investment, diversification and long-term credit for companies, and that is work we are doing,” he noted.
Another challenge lies in generating larger projects in the country. “It will be a question of meeting demand. For the large projects awaiting execution, the second investment-grade rating gives them a better chance of securing the financing they need to keep moving forward,” concluded Elías Gelay.
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