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Colombian Bond Yields Fall on Interest-Rate Outlook; Peso Gains

Colombia’s peso bonds rose, pushing yields toward a record low, after central bank Co-Director Juan Jose Echavarria said some policy makers see the potential for further interest-rate reductions after a cut this week.

Yields on the government’s 10 percent peso-denominated debt due in 2024 dropped four basis points, or 0.04 percentage point, to 5.24 percent at the close in Bogota, according to the central bank. The price rose 0.408 centavo to 140.216 centavos per peso. Yields closed on Jan. 25 at 5.23 percent, the lowest since the securities were first issued in 2009.

Colombia will probably keep cutting its benchmark interest rate if fourth-quarter growth was weak, Echavarria told reporters in Bogota yesterday. He’s one of seven members of the Banco de la Republica board.

“There’s a high probability that we’ll see more cuts,” said Camilo Perez, the head analyst at Banco de Bogota SA.

Banco de la Republica reduced its benchmark rate by a quarter-percentage point to 4 percent on Jan. 28, as forecast by 31 of 33 analysts surveyed by Bloomberg. The next meeting is scheduled for Feb. 22.

The peso strengthened 0.1 percent to 1,775.23 per dollar.

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