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Peso Bonds Decline as Greece Concern Damps Demand for Yield

Yields on Mexican peso-denominated bonds rose to a three-week high as Greek leaders struggled to reach consensus on reforms demanded by creditors for a bailout, paring demand for higher-yielding assets.

The yield on the debt due in 2024 rose eight basis points, or 0.08 percentage point, to 6.40 percent, the highest since Jan. 17, according to data compiled by Bloomberg. The price of the securities fell 0.86 centavo to 131.48 centavos per peso.

Greece’s leaders have yet to reach consensus over cuts required for a bailout as unions called a strike to protest. German industrial output unexpectedly dropped the most in three years in December as Europe’s debt crisis weighed on confidence and the global economic slowdown damped demand. Production fell 2.9 percent from November, when it stagnated, the Economy Ministry in Berlin said today.

“Markets are nervous again about Greece,” Rafael Camarena, a Mexico City-based economist at Banco Santander SA, said by phone. “We have seen a very significant rally in the bonds recently. It’s been reversing a bit in the prior days, but today in particular. This is Greece and significant uncertainty.”

Greek Prime Minister Lucas Papademos postponed a meeting with heads of the political parties supporting his caretaker government a second time in as many days as the government and international creditors haggled over terms to secure a second aid package.

Mexico sold all 6 billion pesos of 28-day Cetes and 7 billion pesos of the 91-day securities it offered today, the central bank said on its website. It also sold all 8.5 billion pesos in 182-day bills and 9.5 billion pesos of 364-day Cetes it auctioned today, the bank said.

The peso fell 0.1 percent to 12.6750 per U.S. dollar, from 12.6683 yesterday. The peso has gained 10 percent this year, the most among major currencies tracked by Bloomberg.

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