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Mexico Bonds Hold Near One-Week Low as U.S. Outlook Eases Demand

Mexico’s peso bond yields held near their highest level in a week as a report showed U.S. companies added more jobs in September than economists forecast, easing demand for the Latin American country’s fixed-income assets.

Yields on peso bonds due in 2021 were little changed at 5.25 percent at 4 p.m. in Mexico City, according to data compiled by Bloomberg. The price fell 0.01 centavo to 108.75 centavos per peso. The yield was the highest on a closing basis since Sept. 25. The peso rose 0.3 percent to 12.8167 per U.S. dollar.

“The perception is slightly shifting,” Kenneth Lam, a Latin America currency and rates strategist at Citigroup Inc., said by phone from New York. “With better-than-expected data, the attention has shifted to growth, and if we do get traction in that, then yields in the U.S. and Mexico should stabilize, if not rise.”

Companies in the U.S. added 162,000 workers in September, Roseland, New Jersey-based ADP Employer Services said today. The median forecast of 38 economists surveyed by Bloomberg was for an increase of 140,000.

A U.S. Labor Department report on Oct. 5 may show private payrolls increased by 129,000 in September following an advance of 103,000 in the prior month, and unemployment rose to 8.2 percent from 8.1 percent, according to estimates compiled by Bloomberg. Mexico sends about 80 percent of its exports to its northern neighbor.

The U.S. economic outlook was buoyed on Oct. 1, when the Institute for Supply Management reported that its U.S. factory index rose to 51.5 in September from 49.6 a month earlier, with figures above 50 showing expansion.

The peso extended gains earlier after Deputy Economy Minister Jose Antonio Torre said Mexico’s government will send a bill to Congress with proposals to lift restrictions on foreign investments in the next couple of weeks, according to Citi’s Lam.

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