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Mexico’s Short-Term Local Bond Yields Rise on Inflation Outlook

Yields on Mexico’s shorter term peso bonds rose for a third day amid speculation that policy makers won’t reduce borrowing costs as inflation expectations increase.

The yield on peso-denominated debt due in December 2013 increased one basis point, or 0.01 percentage point, to 4.64 percent at 4 p.m. in Mexico City, according to data compiled by Bloomberg. The price fell 0.02 centavo to 104.43 centavos per peso. The peso fell 0.2 percent to 13.2298 per dollar.

Mexico’s annual inflation will end 2012 at 4 percent, the upper limit of the central bank’s target range and higher than the previous forecast of 3.94 percent, according to the median estimate in a survey of economists from Citigroup Inc.’s Banamex unit released yesterday. The national statistics agency is scheduled to release its July inflation report on Aug. 9. Policy makers kept the benchmark lending rate unchanged at 4.5 percent on July 20.

“The idea that the Banco de Mexico could cut rates seems more and more complicated,” Rafael Camarena, an economist at Banco Santander SA, said by phone from Mexico City. “The annual inflation rate isn’t going to fall below 4 percent in the coming months.”

The yield on Mexican local-currency bonds due in 2024 rose four basis points, or 0.04 percentage point, to 5.47 percent, according to data compiled by Bloomberg. The price fell 0.43 centavo to 140.63 centavos per peso.

Mexico sold all 6 billion pesos ($454 million) of 28-day Cetes and 7 billion pesos of the 91-day securities offered, the central bank said today on its website. The country also sold all 9 billion pesos in 182-day bills it auctioned, according to the statement.

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