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Colombia Yields Rise Most Since May as Tax Cut Awaits Approval

Colombia’s peso bond yields rose the most since May, extending 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 10 percent peso-denominated bonds due in July 2024 climbed six basis points, or 0.06 percentage point, to 6.14 percent, according to the central bank. That is the biggest increase on a closing basis since May 23. It fell on Oct. 12 to 6.03 percent, the lowest level since the debt was first sold in 2009. The price dropped 0.613 centavo to 131.675 centavos per peso today.

“Euphoria on the tax bill led to accelerated gains” in peso bonds, said Camilo Perez, the head analyst at Banco de Bogota SA, the country’s second-biggest bank. “Investors have reduced demand for TES as it’s hard to see how much more room for gains there are and obviously we have to wait and see what is finally passed in Congress.”

Legislation submitted 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 rose 0.1 percent to 1,796.41 per U.S. dollar, extending its rally this year to 7.9 percent.

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