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Peruvian Bond Yields Drop as Outlook for Sol Gain Spurs Demand

Peru’s bonds rose, pushing yields to a record low, on speculation assets denominated in the sol will gain from a further rally in the currency.

The yield on the nation’s benchmark 7.84 percent sol-denominated bond due August 2020 fell one basis point, or 0.01 percentage point, to 3.88 percent at 2:36 p.m. in Lima, according to prices compiled by Bloomberg.

The sol climbed yesterday to its strongest level in 16 years as record foreign direct investment spurred inflows. The central bank increased lenders’ reserve requirements for a fifth time last year on Dec. 30 and bought $13.9 billion in the spot market in 2012 to slow sol gains.

“Most of the short-term paper is already in the hands of foreigners so increasingly they’re extending duration to gain exposure to the sol,” said Walther Benavides, a trader at Banco Continental SA in Lima. “Peru is very solid structurally, with good fiscal numbers, net foreign reserves, public spending under control and high foreign investment.”

The sol appreciated 0.1 percent to 2.5490 per U.S. dollar at the close of trading, according to prices compiled by Bloomberg. The currency rose yesterday to the strongest level since October 1996, data from Peru’s financial regulator show.

Foreign direct investment in Peru probably rose 35 percent to $11.1 billion last year from 2011, the central bank said in a Dec. 14 report.

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