Promigas Eyes COP Bonds

Colombia’s Promigas is preparing to sell up to COP400bn in domestic bonds, according to a ratings report from Duff & Phelps giving the issue its AAA local mark. The gas provider has the ability to place fixed-rate notes at up to 14% and floating-rate notes at the DTF rate plus up to 7% or the IPC index plus up to 9%. Tenors on each can range from 2 to 20 years, with a bullet maturity. A date for the sale has not been set. Separately, Colombia’s Banco Popular has approved a COP3trn ($1.43bn) domestic bond program. Bancolombia is selling today COP350bn-COP500bn in an auction involving fixed and floating rate notes with a tenor of 2-10 years.