Colombian bonds have been under pressure recently and have underperformed LatAm peers on the back of fiscal concerns, expected new issuance and ongoing headline risks, in addition to the recent drop in oil prices. Against this backdrop, and considering current spread levels, we can still find some tactical opportunities along the Colombian USD curve. We view the new 35s and 36s bonds as attractive, as they seem cheap along the fitted spread curve, even when accounting for price differentials, and the fact they are relatively cheap vs. other LatAm peers. We view short-dated bonds like COLOM 26s and 27s as relatively expensive and would prefer to switch to slightly longer maturity bonds like 30s to 31s, which offer the highest spread pick-up among sovereign bonds with similar maturities.