Bancolombia Sets First COP Sub Note Program

Bancolombia has approved the issue of COP1trn ($439m) in subordinated bonds, representing the bank’s first Tier-2 issuance in local currency. It plans to issue the total amount in pieces, a bank official explains, with the first likely in Q1, pending regulatory approval, a roadshow and acceptable market conditions. The notes are expected to be between 5-10 years in tenor.