BBVA Colombia Sells $37 Million Local Bonds

Foreign-owned BBVA Colombia sold $37 million of local currency bonds Monday, slightly less than the $40 million it had originally planned. The five-year bonds will pay an annual interest rate of inflation plus 5.2%, the maximum the bank said it would pay. The bond issue, rated AA+ by Duff & Phelps de Colombia, is part of a larger debt issuance program worth $166.8 million in total, approved earlier this year by the Bank’s shareholders.