In Colombia’s local fixed-income market, the Títulos de Tesorería (TES) fixed-rate curve appreciated across its entire structure over the last month. As of March, the total balance of TES in circulation stood at 747.9 trillion COP. Despite this positive market valuation, macroeconomic headwinds remain a central concern for the Ministerio de Hacienda y Crédito Público. The fiscal balance of the Gobierno Nacional Central (GNC) reported an accumulated deficit of 1.7% of GDP through February.

These persistent fiscal imbalances were cited as the primary driver behind the recent decision by S&P Global (NYSE: SPGI) to downgrade Colombia’s sovereign credit rating. The administration continues to manage these debt instruments against a backdrop of tight monetary conditions, which remain a primary focus for institutional investors holding Colombian sovereign paper.

Colombian fixed-income markets show valuation gains despite a recent S&P credit downgrade linked to ongoing fiscal imbalances.

The international fixed-income landscape experienced notable shifts between March 25 and April 23, 2026. The yield curve for US Treasury bonds displayed mixed performance, defined by a decrease in short-term rates and an increase in long-term yields. Analysts attribute this volatility primarily to conflicting signals regarding the ongoing conflict in the Middle East.

Economic indicators released by the Bureau of Labor Statistics show that annual consumer inflation, measured by the Consumer Price Index (CPI), accelerated by 0.9 percentage points to reach 3.3% in March. This data triggered a rebound in short-term inflation expectations within the Treasury bond market, while medium and long-term outlooks remained stable. Consequently, the Intercontinental Exchange (NYSE: ICE) MOVE index—which tracks public debt market volatility—and the Cboe (NYSE: CBOE) VIX—which monitors S&P 500 equity volatility—both registered significant declines during the period.

Of course, the plight of Gaza made the headlines because, in some small way, it has been reflected in local politics, with the polarization we have seen around the world appearing in Colombia. The extreme right have pinned themselves to Donald Trump & Benjamin Netanyahu from day one, the left and Gustavo Petro have made their thoughts very clear at the United Nations, whilst ANDI – Asociación Nacional de Empresarios de Colombia and big business, only seem to worry about the Pesos in their pockets. We already see them in the press asking for trade relations with Israel to be re-established immediately – given the historical fragility of the Middle East, perhaps there will be, rightfully, some wait and see.

This will be a big week for the 2026 budget as congress gets back to work after a well-earned holiday (for those not familiar with British sarcasm, this is an example). A couple of weeks ago, along with the tax reform, we seemed to have an agreement. However, these are rabid times in Colombian politics; we could get anything from ‘done’ to ‘lack of quorum’.

We will have the latest real sector data from the Departamento Administrativo Nacional de Estadística – DANE Colombia for August. The most recent figures for July were extremely strong, and analysts will be looking for more of the same. Whilst inflation’s stubbornness has kept overnight rates (9.25%) higher than anticipated at the outset of 2025, growth remains healthy. Bancolombia, in its most recent update, suggests the economy is moving into a more favorable stage, but of course with a wary eye on the deficit situation.

Amidst all this, the stock market remains in rude health despite concerns over the impact of Trumponomics on the US markets. The COLCAP may have dropped 1% on Friday, but it remains 35% (Peso) & 52% (Dollar Terms) higher YTD. Volumes are less than ideal, however, for local investors, it’s been a bumper year.

Finally, for this morning, gold. One of the abject failures of every single government this century is to capitalize on Colombia’s gold reserves. From Uribe to Santos to Duque to Petro, not one of them, or their respective ministers, has done enough to capitalize on an asset that could have paid so many of Colombia’s debts. Instead, there has been a lack of direction, and far too much of the production has fallen into the hands of illegal groups who are receiving the benefits of the increase in gold prices, which seems set to continue.

Have a wonderful week.

Regards.

Roops.

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Finance Colombia: So we’re here in Medellín at your new facility. Tell me, first, let’s talk about why TaskUs chose Colombia. You guys haven’t been in Colombia very long, less than five years, but you’re already growing rapidly down here. What caused you to first look at Colombia and then kind of, you know, go ahead and jump in and commit to the market?

Stephan Daoust: Sure, as an organization, we realized that we wanted to be more global and expand our footprint. Although the company started in the Philippines, we knew that if we wanted to compete on a larger scale, we would have to be in multiple areas around the world.

Click on the above image to watch the video.

When we looked at LATAM, we had opportunities in several countries, but we narrowed the field by looking at the culture, the talent, the opportunity, what our clients may be looking for, as well as in terms of locations, we looked at real estate. So several factors come in when we start looking at where we’re going to establish. So when we came into Colombia, we decided to start in Cali and then expand from there.

But what we found in Cali was that the talent, the richness of the talent, the opportunity was very strong, and the demand from our clients became very strong. We see great performance, we see great opportunity, and the teams are well-educated and work well in terms of supporting. And they have this hunger for development and career, and this allows them to tie our rapid growth with their demands for growth, and it’s a great fit. And that’s why we’ve seen this success in Colombia, and that’s why we continue to invest in Colombia.

Finance Colombia: How do you find, as the senior vice president in charge of different regions, how do you find the ease of doing business in Colombia compared to the other areas, compared to the EMEA region, for example?

Darryl Hill: Yes, what I like about Colombia is that it executes flawlessly in the main, and we deliver a great product for our clients. The clients, when we get them into this part of our global business, they want to grow with us, and that’s important. There are cultural differences across Europe, the Middle East, Africa, and the Americas, and different clients have different needs, okay?

When I think about Europe, the needs are very different from what we have in LATAM. It’s predominantly around what we call multilingual hubs, where TaskUs provides the capability of around 30 languages in Europe. When I look at LATAM, it’s predominantly Spanish and English, and that gives us a different cultural alignment. We’ve got different requirements for our clients. But ultimately, we developed a culture that’s pretty consistent within TaskUs, so the cultural element, for me, is not any different. The client’s requirements are what make a change in terms of where we go next.

Finance Colombia: Yeah, I notice that culture is very, very strong in TaskUs. I noticed that even down in Cali. What do you guys do to nurture that unified culture among your different locations?

Stephan Daoust: Yeah, I mean, it starts with… The co-founders have started with this in mind, right? They started with an opportunity that’s focused on employees, and looking at respecting their needs. When you look at our structure and where we’re located, we’re predominantly located in Tier 2 cities. We do have some Tier 1 cities that we compete in, and the reason why we do that is because we need more specialized skills, or there’s a requirement from a client perspective. But from a TaskUs selection process, we start with looking at Tier 2 cities. Why?

Because we found tremendous talent, we find the opportunity to employ many, and we go to the locations where people are located. They don’t have to move to Bogotá, they can have a job in Medellín, they can have a job in Cali, they can have a job wherever they’re located, wherever they want to be located. So, it diminishes the movement and the pressure of having to try to move to find employment, and it allows people to just grow in the areas that they want to grow. May that be their homes and their families, and have that support as well as grow their careers

So, it starts at the foundation of how we’ve set up. When we look at our sites, we’ve built our sites with culture in mind, making sure that they have their own identity. The sites are named by the employees, not by the organization. So, the employees get to identify their own identity within the sites as well, and want to kind of contribute to growing. They feel more natural here, right?

I’ve heard many times this week, just having these focus groups with our people, that they talk about, you know, “We’re not a number,” right? “We’re treated like humans and it’s personal,” and that interaction. So, it starts at the top, in terms of driving that culture and that support, but the everyday function of our team leaders, our managers, our senior managers, they’re approachable. They support our teams. They have personal conversations, not just about work, but they’re looking to administer life. We look for both passion and purpose within their work, but outside of work as well. And that promotes this culture of, you know, being tied together, wanting to be successful together, rather than the individualism that we often see in this kind of industry.

Finance Colombia: And tell me about, we’re here in Punto Clave (‘Key Point’), and Punto Clave, and I don’t know how much you guys know locally from being in Medellín, but one of the reasons it has that name is because it’s kind of a nice area, but it’s also very central. You’re not really in downtown, but you can also reach both ends (north & south) of the city with the metro and everything like that. How did you guys come to choose the Punto Clave location?

Stephan Daoust: Yeah, I mean, once you come to the location and understand our culture, you know exactly why we picked it. Ease of getting here, right? Our teammates don’t have to travel two or three hours to get here. They don’t have to get into three different modes of transportation to be able to connect and come here. The station is just outside. So the selection process comes with the culture in mind, thinking about how we make this easier for people to come to us, rather than making it difficult, and being in a central location where maybe it’s great for business, and perhaps it looks posh and comfortable for a company. We’re not about that. We’re about the employee experience. So it was very easy to select this process or select this area because of the accessibility that they have to come to work every day, and making that, as much as possible, easier for them.

They have great shops in the area. They got great food. They want to run an errand after they’re done at work; they can do that, right? So there’s plenty of opportunity for them to be here and support. We would never be in a location where it’d be very difficult to get to and people would have to travel hours to get to, because that would just not be our DNA. That’s not who we are.

“So it is critical that we can hire the talent. The talent is here. In some cases, even if it’s a bit raw and we need to develop, that’s great.” – Stephan Daoust

Finance Colombia: What is it that you guys do in your talent process to ensure that you not only cultivate the right talent once you have it, but also select the right talent? You know, I told somebody the other day, talent is hard. Talent is the hardest part of, I think, any business, but especially in a business where… I think this place has a capacity of 800, when you need to hire a lot of people, and there’s competition in the city. What is the method or the ingredient that TaskUs has that sets it apart when it comes to recruiting and developing talent?

Darryl Hill: What’s important is that we align on the profile from the very beginning in terms of the job and the responsibility. And it’s so important that we continue to evolve that profile. So with all the clients that we have all over the world, there are very different requirements. So, for this particular environment that we have in Medellín, we’ve got a very young environment, I would say 20 to 25-year-olds, because I asked the question this week; they are conscious that the BPO industry is evolving, and they want to work somewhere where it’s a little bit different. And the TaskUs secret sauce that we have in Colombia is that we’ve created a perception in the open market that we look after our people.

And every time I ask the same question, what sets us apart? It’s about the culture and the people. And the only other thing I’d add to the last question is that when we select leadership, it’s all about humility. And the people who are most important in this organization are our teammates. And that is clear for all levels of responsibility. And we continue to drive that with our people. Very, very humble approach to how we hire, retain, and develop our people.

Finance Colombia: What is your evaluation? And this is for both of you, so please both of you chime in. As a company that operates globally from the APAC region to the EMEA region to here in the Americas, what is your evaluation of the talent and everything from management potential and technical literacy, and bilingualism of the workforce that you have in Medellín?

Stephan Daoust: Yeah, I mean, one of the selection processes, the level of education and opportunity for us to identify people who want to learn, want to grow, and can commit to growing their career, or want to commit to growing their career. The other part that we do quite well is that we also create our programs to develop people. So we have the academy, which looks at a range of businesses.

So if you want to do quality, there’s a program for that. If you want to do workforce management, there’s a program for that. You want to be a team leader, there’s a program for that, manager… So every position that we have within the business has a development program that’s attached to it. So, what we hire for from a leadership standpoint is really about the capability to learn, the capability to be adaptable, and the capability of caring for people. Those are probably the three fundamental areas that we look at when we look at our leadership.

Much of our leadership is growing internally. If you look at both Darryl and me, we both started as teammates. We won’t mention the years here. It’s been a couple of years, but ultimately, I started as a teammate taking calls. I’ve done every role within the operation. So we create this and we have our leaders understand what it means to be a teammate, what it means to be a team leader, and have some empathy and some compassion on what that role means, and also be able to support the future of that.

So it is critical that we can hire the talent. The talent is here. In some cases, even if it’s a bit raw and we need to develop, that’s great. That’s what we want. We want to be in a position where we create this culture and push that culture into them. And we teach them the rest. At the very end, we can teach them skills. If people want to learn and they’re adaptable, we will teach them whatever they need to learn to be successful in this environment.

Darryl Hill: Yeah. The only thing I’ll add is that our retention at the leadership level is phenomenal, which I have not seen before. And that is, again, going back to the culture, but also we have developed an internal strategy about how we keep those people interested in their current roles. And we give them the opportunities to grow. There is no particular part of my region that doesn’t continually grow. So there’s always an opportunity.

And when we get feedback around surveys, whatever else, one of the fundamental challenges I’ve seen in other organizations is, I have no opportunity to grow. But as we continue to do a good job and our clients appreciate what we’re doing for them, we continue to grow those clients, and people see those opportunities that they may not see in other places, which is important.

Finance Colombia: One of the things I noticed about TaskUs is that it has a very appetizing benefit package. And I hear that you guys give all of your employees, not just the mandatory EPS, but the same plan that the executives get, like the SURA plan, which is, you know, what I have that I pay for. And that’s kind of unheard of. That’s like for bank executives. Tell me about your philosophy. Is that true? And expand upon your philosophy when it comes to taking care of your teammates from the top to the very entry level.

Stephan Daoust: Yeah, and I think it goes back to the culture, right? The fundamental piece of the culture is that we don’t treat our C-suite level any differently than we treat our frontline. Yeah, there are some things that we need to manage, do, and support. But when it comes to benefits, we do provide additional benefits, not just the requirements in the country. And that is one of the reasons why some of the employees have been attracted to us because we’re providing that. There is no difference between the VP level in terms of what he has received in terms of a package at this site and the teammate level.

Why is that? Because the teammates are the most important. The frontline is the most important function. Without them, there’s none of us, right? So we provide them no distinction. We provide them the same access and the same support that we would provide our executive team for that reason alone, because at the very core, we’re about the people, caring about the people who take care of us.

Darryl Hill: Yeah, the only thing I’ll add to that, what I like about TaskUs is that we continue to reassess those benefits, right? In the main, it’s annually, but we get feedback locally. We get expert guidance from our leadership and our teammates in particular. And we take action on their feedback. So if something isn’t working out, we will make a change. We’re not afraid to do that.

Stephan Daoust: Just the interesting thing about that. Darryl and I both spend time in our locations. And when we go into locations, the most important meeting that we have is with our teammates. So we have focus groups. We meet with our teammates directly with no leadership in the room. And we ask them, “What do you love about us? What can we do better? How can we make this thing better for us and you, right? How can we take care of you so we can take care of our clients?”

So we don’t need a suggestion box. I mean, we formally do an opinion survey, but not only when we travel, but the leadership team is responsible for doing them regularly, and to report on them and identify what the opportunities are. Some things are easy to fix. You can do it the same day. Some will take a bit longer, and some will be challenged. But the reality is that’s why we exist. We exist here to make that life better. And our job is to get better every single day. That’s the motto.

Finance Colombia: Impressive. Is there anything that you wanted to mention that I neglected to ask?

Stephan Daoust: No, I think, I mean, ultimately, we want to continue to grow. I think we have a great opportunity to do that. It’s been fantastic so far in terms of Colombia’s support; our partners, when you talk about ease of doing business and supporting, we get media partnerships, we have government partnerships, we have non-governmental partnerships.

We’re just so happy with the support that we’re getting. I think everyone realizes the common ground that we are trying to create an environment of opportunity and careers, and they want to go on that journey with us, so we’re happy to take them along. TaskUs is growing faster than anyone in our space. We continue to grow at double digits. And that is because of the work that our teammates are doing every single day. So I can’t be more pleased with the story in Colombia, and we look forward to growing.

In view of the recent unilateral decision of the Government of the United States to impose a base tariff of 10% or higher, on all imports into its country, the Government of Colombia informs the country about the scope of this measure on our exports and about the actions that are being taken in response to it, with the aim of protecting the interests of our producers.

The United States has historically been a strategic trading partner for Colombia. In 2024, exports to that country reached US$14,336 million, which represented 28.9% of total Colombian exports worldwide.

Since the entry into force of the Trade Promotion Agreement (TPA) in 2012, these exports have consolidated a solid and constantly developing trade relationship that continues to benefit thousands of Colombian producers with preferential access to the U.S. market.

2024 exports to the United States, its largest trading partner reached $14.336 billion USD, 28.9% of total Colombia’s global exports.

In this sense, the Ministry of Commerce, Industry and Tourism and Foreign Affairs, together with other entities of the National Government, are leading a comprehensive strategy to expand and consolidate new destinations for our exports.

Thanks to the articulated work with the unions, the producers and our diplomatic representations, Colombian products have achieved a growing presence in Europe, Asia, the Middle East and Latin America, thus strengthening the competitiveness and resilience of the export sector.

The recent imposition of a base tariff of 10% should be taken as an opportunity to accelerate this internationalization strategy and consolidate the presence of Colombian products in more markets around the world.

“This unilateral measure reiterates the importance of continuing to strengthen our export capacity and reinforces the momentum with which we have been advancing in the market diversification strategy. Together with Colombian entrepreneurs, we will continue to expand destinations and products with technical, sustainable and value-added criteria that guarantee stability, competitiveness and well-being for Colombian producers,” said the Minister of Commerce, Industry and Tourism (e), Cielo Rusinque Urrego (at podium, above).

However, work will continue in coordination with the U.S. Government and the private sector to maintain and project the country’s exports into the future, identifying paths of dialogue and cooperation that contribute to mitigating the impacts on Colombian producers.

The Government of Colombia reiterates its commitment to international trade based on principles of openness and mutual benefit. Likewise, it will continue to strengthen internal capacities, together with producers, guilds and State entities, to expand the presence of Colombian products in the main international markets, promoting rural development, decent employment and the well-being of the regions.

Above photo: Colombia’s Minister of Commerce, Industry & Tourism Cielo Rusnique (left) with Colombia’s Ambassador to the US, Daniel García-Peña Jaramillo. Photo & video courtesy of the Colombian government.

Little Caesars is the third largest pizza chain in the world based on quantity of active locations, and currently operates in 27 countries and territories, including Peru and Chile in South America. The chain currently seeks franchisees to expand into other markets such as Ecuador and Jamaica.

“As we continue to expand our global footprint, we are thrilled to bring Little Caesars Pizza to Colombia,” said Paula Vissing, Senior Vice President of International for Little Caesars Pizza. “The pizza market is expected to grow nearly 20 percent in Latin America over the next several years, and Colombia represents a very important new market for us in the region. We are excited to have the opportunity to partner with LCPZ Colombia to introduce the brand in Bogotá.”

Little Caesar’s operating model blends made to order pizzas with having the most popular choices made and ready to go with no wait. The menu in Colombia will feature several large pizzas including pepperoni, cheese and ham. Other offerings include a Hawaiian pizza (practically obligatory in Colombia) and the 4-N-1 pizza, which has four topping combinations on the same pizza: cheese; pepperoni; pepperoni and Italian sausage; and pepperoni, green pepper and ham. Chicken wings and Little Caesars signature Crazy Bread will also be available.  All pizzas on the menu are large, measuring 36 centimeters in diameter. The San Cipriano, Suba location will also feature a drive-thru pick-up window where customers can pick up items without leaving their cars. The second location is in the Prado Veraniego, Suba neighborhood.

Taking health conditions into account, Little Caesar’s pizzas are baked in 245-degree centigrade (475 f) ovens and only handled with sanitized tools after baking. Around the world, the chain has also reinforced cleanliness and sanitization procedures, increasing the frequency of cleaning frequently touched surfaces including door handles, countertops, phones, and cash registers. The new stores will also have plexiglass shields on the counter, require face coverings for crew members, and enforce social distancing in lobby areas.

Over the past several years, Little Caesars Pizza has increased its international presence by opening restaurants in Latin America, Europe, the Middle East, Canada, the Caribbean, and Asia Pacific.  In 2019, Little Caesars opened in Spain, India, and Barbados.

Little Caesars was founded in 1959 as a single, family-owned restaurant by Macedonian American entrepreneur and professional baseball player Mike Ilitch. Ilitch, who died in 2017 was an active philanthropist and used Little Caesar’s in his efforts by feeding the hungry and providing food during natural disasters. Ilitch was also active in supporting veterans and social causes. In 2014 it was revealed that Ilitch had quietly paid the rent of civil rights pioneer Rosa Parks until her death, allowing her to live in a safer part of Detroit after she had been attacked in a robbery.

But Dubai sees economic links with Colombia, noting that they share established success in some of the same industries and are both looking for expansion in similar areas. “Colombia’s economy is built on many of the same sectors and industries that we excel in here in Dubai,” said Hamad Buamim, president and CEO of the Dubai Chamber of Commerce and Industry. “Finance, insurance, real estate, and business services make up a fifth of the Colombian economy, while construction makes up 7.5%.”

His organization will be front and center at the upcoming Global Business Forum on Latin America, an event it is hosting on November 9-10 in Dubai at the world-renowned resort Atlantis, The Palm. While the chamber will be looking to explore potential with countries throughout Latin America at the event, Buamin is bullish on the chance to expand trade with Colombia.

“This opens up several avenues for cooperation between our two countries,” said Buamin. “We at Dubai Chamber intend to establish synergetic relationships with our partners in Colombia.”

While the relationship remains small now — with $63.8 million USD in trade volume in 2015, per Dubai Chamber — it has been growing. The trade volume between Colombia and Dubai jumped by an average of 19% each year from 2010 to 2015. And the chamber says that imports and exports, respectively, grew by 48% and 5% overall during the same period to hit $35.0 million USD and $10.8 million USD.

The November forum is expected to feature some 500 attendees, including heads of state. The chamber says that Fortune 500 CEOs, investors, private equity executives, and the heads of sovereign wealth funds will also be present.