Nov. 29 (Bloomberg) -- Peru’s dollar-denominated bonds rose, pushing down yields for the first time in three days, as copper prices advanced after the U.S. economy expanded more in the third quarter than previously estimated.
The yield on the nation’s benchmark 6.55 percent dollar-denominated bond due March 2037 dropped six basis points, or 0.06 percentage point, to 3.66 percent at 1:55 p.m. in Lima, according to prices compiled by Bloomberg. The bond’s price rose 1.17 cent to 146.17 cents per dollar.
Copper, Peru’s top export, rose to a one-month high after a report showed U.S. gross domestic product expanded at a 2.7 percent annual rate, up from a 2 percent prior estimate. The U.S. is Peru’s biggest trading partner after China.
“Commodities are benefiting from the positive data from the U.S.,” said Felipe Hernandez, an analyst at RBS Securities Inc. in Stamford, Connecticut. Faster growth in the world’s biggest economy is “good for Peru’s economic growth, for its exports, and good for risk sentiment.”
The sol appreciated 0.3 percent to 2.5785 per U.S. dollar at today’s close, according to prices compiled by Bloomberg. The central bank said on its website it bought $40 million in the spot market today and paid an average 2.5815 soles per dollar.
To contact the reporter on this story: John Quigley in Lima at email@example.com
To contact the editor responsible for this story: David Papadopoulos at firstname.lastname@example.org