Yields on one-year TES bonds have climbed to historic levels in auctions held by Colombia's Finance Ministry so far in 2026.
In the April 28 auction the yield on one-year titles reached 13.720 percent, a new high not seen in at least two decades.
The year started with a yield of 11.490 percent on January 6 and rose to 13.480 percent in the May 12 auction, an increase of 1.99 percentage points.
Analyst Diego Montañez from Universidad Eafit said rates are high across all terms and the government is borrowing expensively in both the short and long term.
Since late March the TES curve has shown flattening, with one-year papers demanding higher yields than longer maturities.
