In April, foreign investors increased their TES holdings at a slower pace, adding COP746bn vs. COP3.3trn added in March. Nevertheless, total foreigners’ holdings touched another new high of COP104.1trn. Foreign holdings stood at 24.9% of the total outstanding. Pension and retirement funds were the main buyers and the Ministry of Finance was the main seller. April was a risk-off month for LatAm assets; Colombian TES and the COP were not immune and posted negative returns. Inflation remains a concern and international investors seem to have taken some proactive steps: while the amount of TES positions added was relatively small, it is good to note that the bulk of the positions added were in inflation-linked bonds, while nominal TES positions declined slightly. So far in May, Colombian TES and the COP are lagging peers. With the presidential election close at hand (28 May), some investors may be staying on the sidelines until political uncertainties are resolved.