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Peru Sol Bond Yields Drop as Copper Rallies on Japan Stimulus

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Sept. 19 (Bloomberg) -- Peru’s bonds rose, pushing yields down the most in seven weeks, after Japanese policy makers took steps to bolster the world’s third-largest economy, boosting the outlook for the Andean nation’s copper exports.

The yield on the nation’s benchmark 7.84 percent sol-denominated bond due in August 2020 fell four basis points, or 0.04 percentage point, to 4.31 percent at 11:35 a.m. in Lima, according to prices compiled by Bloomberg. The drop was the steepest on a closing basis since Aug. 1. The price rose 0.3 centimo to 123.24 centimos per sol.

“Peruvian assets are going to do very, very well because of the increase in metal prices,” said Benito Berber, a strategist at Nomura Holdings Inc. in New York.

Copper touched a four-month high in New York after Japan’s central bank expanded an asset-purchase fund to fuel growth, bolstering prospects for metal demand. The Federal Reserve announced a third round of monetary stimulus Sept. 13 aimed at fueling U.S. growth.

China, the world’s biggest copper user, approved new infrastructure projects this month, and the European Central Bank announced a bond-buying plan to stem the region’s debt crisis. Peru is the world’s third-largest copper producer.

The sol was little changed at 2.6030 per U.S. dollar, according to Deutsche Bank AG’s local unit.

To contact the reporter on this story: John Quigley in Lima at jquigley8@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

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