During November, foreign investors reduced their holdings of Colombian TES to 24.7% of the total from 25.1% in October, equivalent to COP1.5tn in nominal terms. For the first time in four months, total holdings dipped below the COP100tn threshold, ending the month at COP98.5tn. The Ministry of Finance and international investors were the main sellers, while BanRep and other official institutions were the main buyers. During the month, the COP depreciated by c.4.9% and, excluding TES 22s, TES yields along the curve increased by 37bp on average on a mostly flattish move. This underperformance might have been behind some of the foreign sales. The latest inflation print came in higher than expected and the market expects BanRep to hike the key interest rate by 50bp to 3% at the 17 December meeting.