Markets are pricing an aggressive tightening cycle. Our recent meetings in Mumbai and New Delhi point to an economy that is more resilient, and a central bank more measured, than current expectations suggest.

Colombia enters 2026–2027 with a macroeconomic profile defined by a clear tension. On the one hand, the economy has shown greater resilience than many observers expected. On the other, fiscal deterioration has become large and persistent enough to raise concerns over policy credibility and medium-term debt sustainability. Colombia’s current story is therefore not one of immediate instability, but rather of a country whose longstanding institutional strengths are being tested by the scale of its fiscal imbalance.

When investors think about fixed income, their attention is often drawn to developed market government bonds, investment grade debt or high yield debt. Emerging market corporate debt, by contrast, remains a relatively underexplored segment of global bond markets.