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Peru Sol Bond Yields Rise on Bets for More Long-Term Securities

Peruvian bonds fell, pushing yields on benchmark securities higher, on speculation the government will issue more long-term debt as part of its financing plan for this year.

The yield on the nation’s 7.84 percent sol-denominated bond due in August 2020 rose five basis points, or 0.05 percentage point, to 4.65 percent today, according to prices compiled by Bloomberg. The price fell 0.357 centimo to 121.118 centimos per sol.

The Finance Ministry last month sold 216 million soles ($82 million) worth of new bonds due September 2023, the government’s first local issue this year. The ministry said April 11 it will also sell more of its 2015, 2017 and 2042 bonds as part of its plan to sell $1.1 billion of local-currency debt this year.

“People are reducing some of their holdings in the 2020 bonds” on bets the government will issue 2023 or 2042 securities in its next auction, said Walther Benavides, a fixed-income trader at BBVA Banco Continental in Lima. “They are looking to reallocate some of those holdings to longer-term bonds.”

An official at the ministry’s press office said he didn’t have details on the next auction.

The sol closed little changed at 2.6200 per U.S. dollar, from 2.6195 yesterday, according to Deutsche Bank AG’s local unit.

The central bank bought $77 million in the spot market today to slow the sol’s advance, extending its purchases this month to $581 million.

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