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Mexico Bonds Yields Decline Before Inflation Report; Peso Falls

Mexico’s peso bonds gained for the first time in 2013 as speculation mounted that slowing inflation will prompt the central bank to maintain benchmark interest rates at a record low.

Yields on fixed-rate government debt maturing in 2014 fell one basis point, or 0.01 percentage point, to 4.8 percent at 4 p.m. in Mexico City, according to data compiled by Bloomberg. The peso dropped 0.3 percent to 12.8030 per dollar.

A report tomorrow will show annual inflation slowed to 3.76 percent in December from 4.18 percent the prior month, according to the median forecast of 12 economists surveyed by Bloomberg. Shorter-term bonds are rallying as investors become increasingly confident that policy makers won’t raise the 4.5 percent benchmark rate as inflation eases to within their target range of 2 percent to 4 percent, according to Rafael Camarena, an economist at Grupo Financiero Santander Mexico SAB.

“The topic of inflation is more reflected in the shorter-term or medium-term debt,” Camarena said by phone from Mexico City. “There are expectations for good inflation data tomorrow.”

The government sold all 5 billion pesos of 28-day bills that it offered at auction today, according to the central bank. The Finance Ministry also auctioned 7 billion pesos of 91-day securities, 9 billion pesos in 182-day notes and 9.5 billion pesos in 364-day bills, all known as Cetes.

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