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Peru Yields Fall as Mining Investment Fuels Currency Gains

Peruvian bonds rose, pushing down yields for a second day, on demand for sol-denominated assets as mining investment drives the currency to a 15-year high.

The yield on the nation’s benchmark 7.84 percent sol-denominated bond due August 2020 fell two basis points, or 0.02 percentage point, to 5.27 percent at 12:02 p.m. in Lima, according to prices compiled by Bloomberg. The price rose 0.11 centimo to 116.96 centimos per sol.

Rising foreign direct investment has helped fuel a 1.8 percent advance in the Peruvian sol this year, leading the nation’s central bank to purchase $7.5 billion in the spot market to stem the gains.

“The outlook for FDI is pretty strong,” said Bret Rosen, a Latin America strategist at Standard Chartered Bank in New York. “It’s a driver and rationale for money to be flowing into the country.”

Mining and energy projects will account for 60 percent of the $35 billion in investment expected through 2013, the central bank said March 23.

The sol was little changed at 2.65 per U.S. dollar, from 2.6510 yesterday, according to Deutsche Bank AG’s local unit. That’s the sol’s strongest level since 1997, data from Peru’s financial regulator show.

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