**The Colombia presidential runoff on June 21 remains exceptionally close, with trader consensus pricing a narrow de la Espriella win by 5-10 points as the leading specific outcome while assigning roughly even odds to “Other” scenarios.** Abelardo de la Espriella, the right-wing outsider who surprised with 43.7% in the May 31 first round, faces Iván Cepeda of the ruling Historic Pact, who took 40.9%. The 2.84-point first-round gap, record turnout, and absence of an outright majority have left the contest polarized between de la Espriella’s hardline security platform (military-led anti-crime measures, coca fumigation) and Cepeda’s continuation of “total peace” negotiations alongside progressive economic policies. Eliminated centrist candidates split their support—Paloma Valencia backed de la Espriella while Sergio Fajardo and Claudia López stayed neutral—leaving undecided and crossover voters as the decisive bloc. Cepeda has moderated by distancing himself from a constituent assembly proposal to broaden his appeal. U.S. President Trump’s endorsement of de la Espriella has added external attention but also drawn domestic accusations of interference. With only days until voting, recent polling and the structural divide between security-focused and progressive blocs keep the race within a narrow band, consistent with the market’s emphasis on small margins or non-de la Espriella outcomes.