Pimco, the world’s most influential bond manager, has been on a shopping spree in Colombia. The firm accumulated roughly $2 billion in local-currency Colombian government debt ahead of the country’s first-round presidential election on May 31, 2026, a bet that says a lot about where institutional money sees opportunity right now.
Over 60 Pimco-managed funds have been involved in purchasing Colombian local debt, according to Comptroller General data. That’s not one portfolio manager going rogue. That’s a firm-wide conviction trade.
The numbers behind the bet
In December 2025, at least 60 Pimco funds acquired more than 19 trillion pesos, roughly $5.3 billion, through private placement. Then in February 2026, the firm followed up with net purchases of 5.4 trillion pesos, approximately $1.5 billion, leading all foreign buyers of Colombian local debt that month.
Colombia faces what observers have described as an “exploding deficit,” with fiscal pressures mounting as the government struggles to balance spending against slowing revenues.
