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Colombia's local bond market has dried up as a financing alternative for corporates.

Despite opinion polls declaring we are heading for Armageddon, we see various stakeholders increasing the GDP outlook.

Higher interest rates will weaken interest coverage among Fitch-rated leverage finance issuers in 2023.

Inflation and high capital costs are causing deteriorating liquidity for Colombian corporates, according to Fitch.

For April, unemployment was 10.7% — down from 11.2% a year ago — and there was a 3.5% increase (785k) in the number of people working year over year

Looking at macro indicators, one is left shaking their head as to what the central bank saw two weeks ago when it raised rates to 13.25%.

Year over year Q1 GDP came in at 3.0% versus a consensus expectation of 3.5%, and the QoQ number of 1.4% actually beat the estimate of 1%.

With a dearth of economic data, attention has focused on the Bajo Cauca unrest.

The absolutely key takeaway from these developments is the fact that the institutions of Colombia are holding very firm.

President Petro has asked the Prosecutor's office to investigate his own son and brother for alleged irregularities.