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Colombia’s Bond Yields Drop as Inflation Concerns Overblown

Colombia’s peso bonds rose, with yields tumbling the most in two weeks, as investors said concerns a drought may stoke inflation were overblown.

The yield on Colombia’s 11 percent benchmark bonds due in July 2020 dropped 14 basis points, the most since Jan. 21, to 8.92 percent at 5:17 p.m. in New York, according to Colombia’s stock exchange. The yield touched a four-month high of 9.06 percent yesterday. A basis point equals 0.01 percentage point. The bond’s price rose 1.03 centavos to 113.66 centavos per peso.

Yields surged 29 basis points in the past two days as a dry weather system that has damaged crops drove up food prices, prompting speculation the central bank will boost interest rates to slow inflation. Colombian cocoa growers said in a statement yesterday that output of the bean used to make chocolate will drop 20 percent in the first half of the year as dry weather and high temperatures damage plants… more

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