Colombia’s peso bond yields rose to their highest level in three weeks after the central bank left borrowing costs unchanged last week, citing eased risk of a global economic slump.

The yield on the 10 percent peso-denominated bonds due in July 2024 climbed seven basis points, or 0.07 percentage point, to 6.16 percent, according to the central bank. That is the highest level on a closing basis since Oct. 4. The bond’s price fell 0.678 centavo to 131.333 centavos per peso.

“The tone of the central bank’s statement is much less pessimistic,” said Pedro Ospina, an analyst at Interbolsa, the nation’s biggest brokerage. “That reduces the chances of another cut, which some had been expecting.”

Banco de la Republica, led by Jose Dario Uribe, held the target lending rate at 4.75 percent on Oct. 26, matching the forecasts of 28 of 35 analysts surveyed by Bloomberg. Seven projected a reduction of a quarter-percentage point.

Uribe said the decision to keep borrowing costs unchanged for a second month wasn’t unanimous. Policy makers have cut the target rate twice since June from 5.25 percent.

Colombia will announce today the proposed tax rate foreign holders of local peso bonds will pay if a bill sent to Congress is approved, Finance Minister Mauricio Cardenas told reporters yesterday.

The peso erased an earlier gain, declining 0.1 percent to 1,831.30 per dollar. The currency extended its drop this month to 1.7 percent, the worst performance among the greenback’s six major Latin American counterparts tracked by Bloomberg.