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Mexico CPI-Linked Yields Rise to Seven-Month High; Peso Advances

Mexico’s inflation-linked bonds fell, pushing yields to a seven-month high, as the pace of consumer price increases slowed to within the central bank’s target range for the first time since May.

Yields on the bonds known as Udibonos due in 2014 increased 11 basis points, or 0.11 percentage point, to 1.27 percent at 4 p.m. in Mexico City, the highest close since May 24, according to data compiled by Bloomberg. The peso advanced 0.6 percent to 12.7223 per U.S. dollar.

Demand for Udibonos dropped after the government reported today that annual inflation slowed to 3.57 percent in December, below the 4 percent upper end of the central bank’s target range. Consumer prices increased 4.18 percent from a year earlier in the prior month.

“Udis are particularly sensitive to the monthly inflation prints,” Siobhan Morden, the head of Latin America fixed-income strategy at Jefferies Group Inc., said in a phone interview from New York. “The inflation risks are receding.”

Inflation-linked bond yields fell to as low as 0.07 percent in July as a bird-flu outbreak and drought pushed up egg, poultry and grain costs. The annual inflation rate for December was the slowest since April.

Yields on fixed-rate peso bonds maturing in December 2013 fell two basis points to 4.59 percent today. The price increased 0.02 centavo to 103.13 centavos per peso.

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