Foreign investors once again reduced their holdings of Colombian TES by about COP 2.0trn in June taking the total holdings to COP114.7trn. In percentage terms, total holdings stood at 24% versus 24.6% in May. International investors have decreased their TES holding by about COP 5.8trn since January, in a trend that has been more pronounced during 2Q23. Given the YtD outperformance of TES bonds and the COP, some international investors might be feeling reluctant to add positions at current levels and some might be opportunistic profit takers. Foreign investors have noticeably switched some bond positions, reducing in nominal TES (COP 3.4trn) but adding UVR index-linked bonds (COP 1.4trn). International investors were the main sellers in June while BanRep and Pension Funds were the main buyers. Given the recent series of events on the political front and the MinFin commitment to the fiscal rule, among others, back our positive views on Colombian assets.