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Colombia Bond Yields Fall on Rate Outlook; Peso Little Changed

Colombia’s peso bond yields dropped to a one-week low on speculation policy makers will cut borrowing costs further after a report showed a surprise decline in the Andean nation’s industrial output.

The yield on the 8 percent peso-denominated bonds due in October 2015 fell one basis point, or 0.01 percentage point, to 5.37 percent at 10:55 a.m. in Bogota, according to the central bank. That is the lowest on a closing basis since Nov. 14. The price rose 0.031 centavo to 106.95 centavos per peso.

Colombia’s industrial output dropped 1.3 percent in September, the government’s statistics agency said yesterday. The median estimate of analysts surveyed by Bloomberg was for a 0.6 percent increase.

“If we continue to see these bad readings, there’s a chance the central bank will need to cut rates to stimulate growth,” said Catalina Silva, a fixed-income analyst at Cia. de Profesionales de Bolsa in Bogota. The central bank may lower the overnight lending rate by a quarter-percentage point to 4.5 percent by year-end, Silva predicts.

Policy makers will leave the rate at 4.75 percent on Nov. 23, according to most of the economists surveyed by Bloomberg, with two projecting a reduction to 4.5 percent.

The peso traded little changed at 1,815.43 per U.S. dollar. It has rallied 0.9 percent this month, the most among 25 emerging-market currencies tracked by Bloomberg.

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