During January, international holdings of Peru Soberanos stood at 49.3% of the total, barely changed vs. 49.4% in December. However, there was some position-shifting along the curve as foreigners reduced positions in Soberanos 29s, 32s and 34s and added a similar amount in Soberanos 37s. Some of this action seemed to be reflected in Soberanos curve yield changes: the belly of the curve underperformed the very front and longer tenors, and the average curve yield changed by about 12bp. During the month, banks and insurance companies were the main buyers and pension funds the main sellers. As inflation keeps ticking higher, the consensus expects a 50bp hike at the 10 February monetary policy meeting.