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Mexican Bonds Rise on Fed Chairman Speculation; Peso Advances

Mexico’s peso bonds climbed on speculation the next chairman of the U.S. Federal Reserve will maintain for a longer period a stimulus program that has boosted emerging markets.

Yields on benchmark peso bonds due in 2024 fell four basis points, or 0.04 percentage point, to 6.13 percent at 4 p.m. in Mexico City, the lowest closing level since Aug. 15, according to data compiled by Bloomberg.

The peso rallied yesterday as Lawrence Summers, a former U.S. Treasury secretary, withdrew his candidacy as Fed chairman. Summers would have tightened monetary policy more than his main rival, Fed Vice Chairman Janet Yellen, according to a Bloomberg Global Poll last week. Mexico’s securities markets were closed yesterday for a holiday.

The rally in bonds is “quite simply just a catchup,” Alejandro Silva, a founding partner at Silva Capital Management LLC who helps manage $800 million in emerging-market assets, said in a telephone interview from Chicago. “The Summers headline event was a pretty big deal.”

The peso appreciated 0.1 percent to 12.9216 per U.S. dollar today. It climbed 0.9 percent yesterday on the Fed outlook, the best performance among major Latin American currencies tracked by Bloomberg.

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