Pimco's Oscar Medina and Nicolle Yapur funds snapped up a net 6.7 trillion pesos of Colombian sovereign bonds in May, a purchase valued at roughly $2 billion. The move makes the asset manager the largest recent buyer, giving it about 30% of the $43 billion foreign‑held debt pool. The timing coincided with the first round of a presidential election that could reshape Colombia’s economic model.

Colombian assets rallied after conservative lawyer Abelardo de la Espriella unexpectedly beat left‑wing Senator Iván Cepeda in the first round, pushing peso‑denominated notes up more than 11% in a month. Ten‑year yields slipped about 250 basis points since mid‑May, falling below 12%. Investors view the market’s real yields and a credible central‑bank stance as attractive.

Pimco declined comment on any holding changes, but its bet has already paid off as foreign investors reshuffled positions. While Abu Dhabi’s sovereign wealth fund added to Colombian debt, Norway’s fund and Québec’s Caisse sold, the overall foreign net flow in May showed a $1.4 billion outflow when swap‑related sales are excluded. The asset manager’s exposure now sits at a decisive share of the market.