Colombia's Ministry of Finance conducted a short-term debt auction on May 19 seeking 900 billion pesos but received bids for only 856.5 billion, ultimately approving just 631.5 billion at a record 13.9% interest rate—the highest for one-year Treasury Securities since 2011. The failed auction, marked by a Bid/Cover ratio of exactly 1.0 (minimal demand buffer), follows a long-term bond placement at 15% rates earlier in the week, reflecting investor concerns about inflation expectations and fiscal sustainability under the Gustavo Petro government.