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Peru Bond Yields Drop as Global Concern Spurs Demand for Refuge

Peruvian bonds yields fell the most in two months, following Treasuries, as Greece’s fiscal crisis and U.S. budget wrangling boosted the appeal of government securities as a haven.

The yield on the nation’s benchmark 7.84 percent sol-denominated bond due in August 2020 dropped five basis points, or 0.05 percentage point, to a record 4.17 percent at 12:51 p.m. in Lima, according to prices compiled by Bloomberg. That is the steepest decline since Sept. 26. The price climbed 0.28 centimo to 123.82 centimos per sol. The benchmark 10-year U.S. Treasury yield fell four basis points to 1.65 percent.

Peru’s bonds rose as euro-area finance ministers met in Brussels to discuss ways to plug Greece’s budget gap. Republicans and Democrats in the U.S. need to find a budget compromise to avoid triggering $607 billion in tax increases and spending cuts in January, a so-called fiscal cliff that the Congressional Budget Office has said could lead to a recession.

“People are more concerned about the fiscal cliff and Greece than they were on Friday,” said Dirk Willer, the head of Latin American local markets strategy at Citigroup Inc. in New York. “Whenever Treasuries do better, most of the rates in emerging markets do better as well.”

The sol was unchanged at 2.5890 per U.S. dollar, according to Deutsche Bank AG’s local unit.

The yield on the benchmark 6.55 percent dollar-denominated bond due in March 2037 fell three basis points to 3.69 percent, according to data compiled by Bloomberg. The price rose 0.66 cent to 145.66 cents per dollar.

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