Key facts
- Colombian dollar bonds rallied following the first round of presidential voting.
- Right-wing outsider Abelardo de La Espriella won the first round.
- De La Espriella is the clear favorite in the runoff against leftist Ivan Cepeda.
Colombia's presidential election is heading to a runoff, with a right-wing candidate unexpectedly surging ahead of the ruling party's leftist hopeful. Abelardo de la Espriella, a wealthy lawyer campaigning on a platform of strict law and order against drug cartels, has captured significant support, indicating a potential shift in the country's political landscape. This shift has led to a positive market reaction in Colombian bonds.