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Peru Bonds Rise on Bets Sol Will Rebound After Dollar Purchases

Peru’s sol-denominated bonds rose, pushing yields down for the first time in three days, on speculation a rally in the local currency will resume even as the central bank slows the pace of gains.

The yield on the nation’s 9.91 percent note due in May 2015 dropped four basis points, or 0.04 percentage point, to a record low 2.26 percent at 2:48 p.m. in Lima, according to data compiled by Bloomberg. The price rose 0.03 centimo to 116.91 centimos per sol.

Peru’s central bank increased reserve requirements for sol-and dollar-denominated deposits on Dec. 30 and has stepped up greenback purchases to tame the sol. The currency rallied to a 16-year high of 2.5390 on Jan. 14, data from the country’s financial regulator show.

The purchases “put a brake on sol appreciation in the short term, but the outlook for appreciation in the medium term hasn’t changed,” said Diego Llona, a bond trader at the local unit of Banco Santander SA.

The sol depreciated 0.2 percent to 2.5463 per U.S. dollar at today’s close and is down 0.1 percent this week, according to prices compiled by Bloomberg.

The central bank said on its website it bought $150 million today, extending its purchases this week to $800 million, the most over three days since January 2008.

Foreign direct investment, the biggest source of dollar inflows, probably rose to a record $11.1 billion last year, while non-residents purchased $2.42 billion of Peruvian securities, the central bank said in a Dec. 14 report.

The yield on Peru’s 7.125 percent dollar bond due in March 2019 fell one basis point to 1.96 percent, according to data compiled by Bloomberg. The price rose 0.02 cents to 129.95 cents per dollar.

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