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News

Bancoldex to sell up to COP300 billion in bonds

by Adriaan Alsema August 11, 2009

Colombia news - dollars

Colombian state development bank Banco de Comercio Exterior de Colombia
SA, or Bancoldex, plans to sell as much as 500 billion Colombian pesos
($244 million) worth of bonds on the local market Wednesday, Bancoldex
said in an ad published in the financial newspaper La Republica.

Bancoldex plans to sell COP300 billion and may extend the amount to as much as COP500 billion if demand is high enough.

The bonds are part of a COP1 trillion fundraising the bank’s board recently approved.

Bancoldex will use the proceeds to support exporters. The loans will be disbursed through commercial banks.

The bank will sell bonds maturing in 18 months at the country’s
benchmark DTF interest rate plus a maximum spread of 1.30 percentage
point. It will also sell two-year bonds at DTF plus a maximum spread of
1.60 percentage point and three-year bonds at DTF plus a maximum spread
of 1.90 percentage point.

Bancoldex one of several Colombian private and public companies
that all together are poised to issue up to COP2.6 trillion of debt on
the local bond market in August to take advantage of low interest rates
and high liquidity. (Dow Jones)

banksbondseconomyforeign investment

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