Gas Natural to Issue

Gas Natural plans to issue COP300bn ($165m) in Colombia’s domestic bond market today, according to people familiar with the issuer’s plans. It can choose among 5-year and 7-year tranches, and issue fixed rate or IPC-linked bonds. The maximum interest rates are IPC+3.70% for the 5-year portion and IPC+3.90% for the 7-year piece. The subsidiary of the Spanish energy company is raising funds to refinance debt and for working capital. Bancolombia and BBVA are managing the deal, rated AAA on a national scale.