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Mexico Yields Reach Highest Since 2011 on Fed; Peso Advances

Mexico’s peso bonds fell for a third straight month, pushing yields to the highest level since December 2011, as the U.S. central bank cut stimulus that had benefited emerging-market assets.

Yields on notes due in 2023 rose 16 basis points, or 0.16 percentage point, in January to 6.61 percent as of 4 p.m. in Mexico City, according to data compiled by Bloomberg. The peso gained 0.1 percent to 13.3573 per dollar today, paring its monthly drop to 2.4 percent.

Mexico bonds followed emerging-market assets lower as the Federal Reserve reduced stimulus in the U.S., the nation’s top export market, and Turkey raised borrowing costs amid a run on its currency. Mexico’s central bank kept interest rates unchanged today at a record low 3.5 percent, while saying policy makers would monitor rising costs for some products spurred by a tax increase.

Bonds have been hurt by “the strong sense of risk aversion in emerging markets, which has generated a significant increase in risk premiums in several assets,” Alejandro Padilla, a strategist at Grupo Financiero Banorte SAB, wrote in an e-mailed report today.

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