Costa Rican Bank Preps DCM Debut

Banco de Costa Rica plans to meet with four finalist DCM banks in August to hear bond transaction proposals, according to a person familiar with the bank’s plans. A decision on the mandates for a deal should be made in late August ahead of what would be an international bond market debut. The bank is aiming to issue up to $500m in 10-year bonds. The Costa Rican government-backed bank is in the second phase of the selection process, following the collection of RFPs from a wider array of banks back in May. Low US Treasury rates and international interest for Costa Rican paper is driving the bank to the dollar bond market. The borrower is seeking funds for working capital purposes and to support lending operations.