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Colombian Peso Bond Yields Fall Most in Week as ECB Cuts Rates

Nov. 3 (Bloomberg) -- Colombia’s peso bonds rose, pushing yields down the most in a week, as Greece moved closer to accepting a bailout and after the European Central Bank unexpectedly cut interest rates, boosting demand for higher-yielding, emerging-market assets.

The yield on Colombia’s benchmark 10 percent bonds due in July 2024 fell two basis points, or 0.02 percentage point, to 7.45 percent. The bond’s price rose 0.162 centavo to 120.433 centavos per peso.

The ECB, meeting for the first time under the presidency of Mario Draghi, unanimously lowered the benchmark interest rate by 25 basis points to 1.25 percent. Greek Prime Minister George Papandreou signaled he won’t ask for a referendum that would call into question the nation’s membership in the euro. The leader triggered a two-day rout in global stocks earlier this week after saying he wanted voters to decide on the country’s bailout.

“We’re seeing a momentary calm in markets,” said Diana Aranguren, an analyst at Bogota-based Helm Bank SA.

The peso rose 0.1 percent to 1,905.07 per U.S. dollar, from 1,906.42 yesterday.

To contact the reporter on this story: Andrea Jaramillo in Bogota at ajaramillo1@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

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