Titularizadora Colombiana Set for RMBS

Titularizadora Colombiana plans to sell COP407.14bn ($227.8m) in RMBS split into four tranches, in a process beginning today. A senior COP282.17bn 2018 tranche will pay an interest rate to be determined at the time of sale. A COP90.70bn 2023 senior tranche meanwhile pays 11.50%, a COP30.23bn 2023 subordinated piece 12.50% and a COP4.03bn mezzanine piece offers 13%. The senior debt has a local AAA rating. The bonds are backed by a pool of more than 6,000 credits originated by lenders Bancolombia, BCSC and Davivienda. Afin, Bancolombia, Banco de Bogota, Corficolombiana, Correval, Davivalores and Interbolsa are placing the offering.