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Mexico Bonds Follow Treasuries Higher on U.S. Retail Sales Miss

Mexico’s benchmark peso bonds rallied for the first time in three days, following U.S. Treasuries higher, as retail sales for the Latin American nation’s biggest trading partner rose less than forecast

The securities due in 2024 advanced 0.76 centavo to 132.07 centavos per peso at 4 p.m. in Mexico City, according to data compiled by Bloomberg. Yields fell nine basis points, or 0.09 percentage point, to 5.91 percent. The peso added 0.4 percent to 12.9060 per U.S. dollar, the biggest gain among major Latin American currencies after Chile’s peso.

Mexico’s bonds climbed after the U.S. Commerce Department reported that U.S. retail sales rose 0.1 percent in April, missing the 0.4 percent increase that was forecast by economists surveyed by Bloomberg. The 60-day correlation coefficient between 10-year Mexican government bonds and similar-maturity Treasuries rose today to 0.43, with a reading of 1 meaning the two securities move in lockstep.

Bond yields “came down here as a consequence of those on Treasuries coming down,” Roberto Ivan Garcia Castellanos, a trade at Finamex SA, said in a telephone interview from Guadalajara, Mexico.

As evidence of a recovering U.S. economy mounted, the Fed has reduced monthly debt purchases that have supported demand for Mexican bonds by $10 billion at each of its past four meetings. The Latin American nation sends about 80 percent of its exports to its northern neighbor.

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