Colombian Bank Readies Issuance

Colombia’s Banco Davivienda aims to sell COP300bn-COP600bn in bonds as soon as next week, according to an official at broker Correval, which is managing the sale. The bank expects to sell COP300bn of the local bonds around February 5, though the total could raised to COP600bn depending on demand. Davivienda is preparing notes with seven different tenors ranging from 2010-2019, paying interest at various fixed and inflation-linked rates, to be determined at time of issue. Proceeds will go to financing lending. Duff & Phelps rates Davivienda AAA on a national scale.