Promigas Watches Local Market

Promigas will look to issue up to COP580bn ($328m) in Colombia’s domestic bond market later this month or in early February, according to a person familiar with the Colombian gas company’s plans. It will aim for 10-20 year maturities, likely issuing a 10-year, 15-year and 20-year tranche. Corficolombiana is managing the deal, rated AAA on a national scale, with Casa de Bolsa, Corredores Asociados and Serfinco also acting as bookrunners. Funds will be used to refinance liabilities. Promigas last sold bonds in the domestic market in August 2009, raising COP400bn at various maturities via Bancolombia.