TIPS: Mortgage-backed securities denominated in Colombian Pesos or in UVRs, issued at a fixed rate indexed at the Unidad de Valor Real and offered to 5-, 10-, and 15-year terms originated by Banking Institutions. Usually they have been assigned a AAA rating. Securities are traded in the Bolsa de Valores de Colombia (Stock Exchange) and have access to one of the most liquid secondary markets in the country. More than 50 issues have taken place in almost 20 years. TIS: Securities backed by mortgage loans denominated in Pesos, issued at a fixed rate, and offered with 10-year maturity terms. The underlying assets are disbursed by non-banking originators supervised by the Financial Superintendence of Colombia. Issues are structured with investor grade rating and are traded at the Bolsa de Valores de Colombia. TECH: Securities backed by non-performing mortgage loans (more than 120-day delinquency) originated by banking institutions. Their yields derive from the flows from the asset recovery (foreclosure sales, assets received as payment, restructuring processes). The securities have been assigned a AAA rating and are traded at the Bolsa de Valores de Colombia.