International investor holdings of Colombian TES in April stood at 25.2%, virtually flat compared to the previous month. In nominal terms, offshore investors slightly increased their TES positions by COP1.4tn, taking total holdings to COP 117.7tn. That is still below the levels seen in January (COP 120.5tn). Foreigners added some positions as new issuance came to market but were overall unwilling to overload. For the month, Pension Funds and Public Trust Funds were the main buyers while Commercial Banks were the main sellers. The TES curve underperformed some of its LatAm peers with still some flattening bias. While yields have recovered from the levels observed in February, they continue to experience a good level of volatility. President Petro reshuffling his cabinet, which included the replacement of MinFin Mr. Ocampo for Mr. Ricardo Bonilla, fuelled some price volatility in Colombian assets. Mr. Bonilla was quick to address investor concerns and re-affirmed commitment to the fiscal rule and showed willingness to keep an open dialog with investors. And with it, yields tended to close the initial gap, suggesting changes this month may not be that large. Still, while the checks and balances are in place and the fragmenting of the coalition in Congress lowers the risk of the reform agenda, some potential for political noise and more radical policymaking seems to be a lingering concern for some investors. We remain constructive near term with Colombia generally back to the middle of the pack in EM, while some lingering concerns should feed some longer-term risk premia.