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Mexico CPI-Linked Yields Rise to Highest Since May; Peso Drops

Mexico’s inflation-linked bond yields rose to their highest level since May as slowing consumer price increases sapped demand.

Yields on the bonds known as Udibonos due in 2014 rose five basis points, or 0.05 percentage point, to 1.32 percent at 4 p.m. in Mexico City, the highest close since May 23, according to data compiled by Bloomberg. The yields extended their weekly advance to 16 basis points, the biggest since the five days ended Dec. 7. The peso declined 0.4 percent to 12.6551 per U.S. dollar today, paring its appreciation since Jan. 4 to 0.7 percent.

Mexico inflation-linked bonds yields rose the most in a month on Jan. 9 after the national statistics agency said the pace of annual price increases in Mexico slowed to 3.57 percent in December, below the 4 percent upper end of the central bank’s target range for the first time since May.

“Udis are still taking a licking from the inflationary data,” Alejandro Silva, who helps oversee about $800 million of emerging-market assets at Silva Capital Management, said in a telephone interview from Chicago.

Yields on Mexico’s fixed-rated peso bonds due in 2024 rose one basis point, or 0.01 percentage point, to 5.48 percent today, according to data compiled by Bloomberg.

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