Bancolombia Raises $165m Via Local Preferred Sale

Bancolombia completed the local portion of its planned sale of up to $400m in preferred shares. The company, which is offering 60m shares, placed 21.3m of them locally at COP15,205, raising COP324bn, or $165m. Bancolombia’s investment banking arm sole-ran the deal. The bank will now turn to the ADS market, where it hopes to raise the remaining amount via UBS and Merrill Lynch. Bancolombia, which already has outstanding ADS in New York, is looking even out its balance sheet following a $400m sale of 2017 bonds in May.