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Mexico Bond Yields Fall Before Central Bank Report; Peso Gains

Mexico’s bonds rallied, pushing yields down for a second day, on speculation that policy makers tomorrow will give further signals that they’re prepared to reduce benchmark borrowing costs.

Yields on peso bonds due in 2024 fell four basis points, or 0.04 percentage point to 5.09 percent at 4 p.m. in Mexico City, according to data compiled by Bloomberg. The price rose 0.4 centavo to 143.63 centavos per peso. Yields touched a record low 5.06 percent on Feb. 6. Mexico’s peso gained 0.3 percent to 12.6950 per U.S. dollar today, pushing its advance in 2013 to 1.3 percent.

The central bank is scheduled tomorrow to give a quarterly inflation report detailing price trends and updating forecasts. The presentation will probably fuel speculation that policy makers are ready to cut the benchmark rate from a record low 4.5 percent, said Javier Belaunzaran, a money manager at Grupo Financiero Interacciones SA.

“We’ll be watching the quarterly inflation report tomorrow,” Belaunzaran said by phone from Mexico City. “They’re probably going to say that they don’t see inflationary risks.”

The monetary authority on Jan. 18 held borrowing costs for a 32nd straight meeting. If a “downward trend in general and core inflation” is confirmed, “a reduction in the one-day interbank interest rate may be advisable,” the bank said in the statement. The cut would respond to “a situation of less economic growth and lower inflation,” the bank said.

Mexico sold all of the 5 billion pesos ($394 million) in one-month bills known as Cetes it offered at auction today. It also auctioned off 7 billion pesos in 91-day securities and 9 billion pesos in 175-day bills. The country also sold 8.5 billion pesos in fixed-rate debt maturing in 2016.

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