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Colombia Bond Yields Fall to Record on Reinvestment Speculation

Colombia’s peso bond yields fell to a new low on speculation coupon payments coming due this month will be reinvested in the government securities.

The yield on the government’s 10 percent peso-denominated bonds due in July 2024 dropped three basis points, or 0.03 percentage point, to 6.03 percent, according to the central bank. That’s the lowest level on a closing basis since the debt was first sold in 2009. The price increased 0.276 centavo to 132.788 centavos per peso.

“There’s a lot of liquidity in the market and more will come in” given the 2.5 trillion pesos ($1.39 billion) in coupon payments already made or scheduled for October, said Catalina Silva, a fixed-income analyst at Cia. de Profesionales de Bolsa in Bogota.

Colombia’s central bank said a majority of board members voted to keep the benchmark rate unchanged at 4.75 percent during their Sept. 28 meeting and that future rate decisions will depend on global growth and the domestic economy, according to the minutes released today.

“The door for another rate cut is still open,” Julian Marquez, an analyst at Interbolsa, the country’s biggest brokerage, wrote in a report. “We see a board that’s divided and expectant of indicators going forward.”

The peso advanced 0.1 percent to 1,797.50 per U.S. dollar. It fell 0.1 percent this week and has rallied 7.8 percent this year.

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