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Colombia Yields Fall to Record as Inflation Projected to Slow

Colombia’s peso bonds rose, pushing benchmark yields to a record low, as forecasts of slowing inflation buoyed demand for the fixed-rate securities.

The yield on Colombia’s 10 percent peso-denominated debt due in 2024 fell two basis points, or 0.02 percentage point, to 6.93 percent, according to the central bank. That is the lowest level on a closing basis since the securities were first sold in 2009. The price rose 0.221 centavo to 124.564 centavos per peso.

Annual inflation slowed to 3.32 percent in June from 3.44 percent in prior month, according to the median forecast of economists in a Bloomberg survey. The national statistics agency is slated to release figures today at 7 p.m. in Bogota. The central bank targets inflation between 2 percent and 4 percent.

“People have been cutting their inflation and growth forecasts” following reports showing the economy decelerated, William Florez, an analyst at Helm Bank SA’s brokerage unit in Bogota, said in a phone interview.

Colombia’s central bank on June 29 held the overnight lending rate for a fourth straight month at 5.25 percent as growth cooled and prices of the country’s commodities exports dropped. Government reports in June showed industrial output and retail sales unexpectedly fell in April and the economy expanded 4.7 percent in the first quarter, its slowest pace since 2010.

Florez cut his growth forecast for the Colombian economy this year to 4.6 percent from 5.1 percent.

The peso declined for the first time in five days, depreciating 0.5 percent to 1,775.68 per dollar. It has rallied 9.2 percent this year, the best performance among all currencies tracked by Bloomberg.

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