In August, international investors increased their holdings of Colombian TES by COP4.05tn, reaching COP101.0tn and surpassing the COP100tn level for the first time. Foreign investors’ holdings stood at 26% of the total, a small increase from 25.5% in July. We estimate the net new issuance via TES auctions at COP8.6tn; the central bank increased its TES holdings as a result of an operation to transfer SDR funds to the finance ministry in exchange of TES, which did not imply new issuance. Foreign appetite for TES did not translate into an outperformance of the TES curve; most liquid bond yields compressed by 2bp to 6bp with no particular directionality, but they saw some reward with the COP appreciating by c.1.5%. As we expected, Congress approved the lighter version of the tax bill. The next focus is on the central bank, where we expect a 25bp hike at the September meeting.