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Colombia’s Peso Bond Yields Extend Increase From Record Low

Colombia’s peso bond yields extended their increase from a record low as legislation that would reduce taxes foreigners pay on fixed-income investments awaited approval by Congress.

The yield on the government’s 10 percent peso-denominated bonds due in July 2024 rose for a second day, climbing two basis points, or 0.02 percentage point, to 6.07 percent, according to the central bank. It fell to 6.03 percent on Oct. 12, the lowest level on a closing basis since the debt was first sold in 2009. The price decreased 0.236 centavo to 132.288 centavos per peso.

“The rally went too far too soon, especially in the long end” of the bond curve, said Andres Pardo, the Bogota-based head analyst at Corp. Financiera Colombiana SA, a financial services holding company. “The bill hasn’t been approved yet.”

Legislation sent to Congress this month would reduce taxes foreigners pay for profits on fixed-income investments to 12.5 percent from 33 percent. The bill includes government peso bonds sold in the local market and corporate debt. Finance Minister Mauricio Cardenas has said he hopes the legislation will be approved by year-end.

The peso advanced 0.1 percent to 1,797.98 per U.S. dollar, extending its rally this year to 7.8 percent.

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