EAAB Taps The Market

EAAB, the water and sewage utility for the Colombian capital Bogotá, successfully placed $107 million worth of debt in the local market in the face of almost threefold demand. The issuance of the debt securities (TAB) has extended out the company’s debt profile from four to nine years; the money raised has been used to pay down more expensive and shorter-term debt. This is the first time the company has issued local debt and signals that the markets in Colombia are becoming more stable, according to analysts. Corficolombiana led the issue; Luz Piedad Rugeles acted as legal advisor and the other placing agents were Alianza Valores, Correval and Suvalor.