Santander Colombia Readies Bonds

The Colombian unit of Santander plans to sell Monday up to COP132bn ($53m) in subordinated bonds. The sale includes fixed rate 7 and 10-year bonds paying a maximum of 11% and 7 and 10-year bonds paying IPC plus up to 6.5%, with the total amounts and interest rates of each determined during the sale process. Proceeds will go towards working capital. Santander’s own capital markets unit is managing the sale, rated AA+ on a national scale. The issue follows Bancolombia’s sale of COP400bn in floating-rate subordinated notes March 4.