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Peru Bond Yields Fall to Record Low as Sol Touches 16-Year High

Peruvian bonds rose, pushing down yields to a record low, on speculation assets denominated in the sol will benefit from a further rally in the currency.

The yield on the nation’s benchmark 7.84 percent sol-denominated bond due in August 2020 declined five basis points, or 0.05 percentage point, to 3.91 percent at 3:01 p.m. in Lima, according to data compiled by Bloomberg. The price climbed 0.37 centimo to 125.55 centimos per sol.

The sol is trading at its strongest level in 16 years as mining investment and corporate bond sales overseas spur inflows. Foreign direct investment in Peru will rise 35 percent to $11.1 billion this year from last year, while exports will increase 5.7 percent to $48.4 billion in 2013 on metal sales, the central bank said in a Dec. 14 report.

“There continues to be interest in the bonds given that the outlook is for sol appreciation to continue in 2013,” said Diego Llona, a trader at Banco Santander in Lima. “The bonds are among the few vehicles available” to overseas investors betting on further gains in the currency.

The sol strengthened 0.3 percent to 2.5530 per U.S. dollar at today’s close, according to Deutsche Bank AG’s Peruvian unit. The currency earlier touched 2.5520, the strongest level since October 1996, data from Peru’s financial regulator show.

Peru will prepay as much as $1.5 billion of foreign debt next year as part of measures to slow the appreciation of the sol, Finance Minister Miguel Castilla said Dec. 22.

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