Bancoldex Places Local Deal

Continuing the Colombian local market revival, export bank Bancoldex has sold COP575.2bn ($228.0m) in local floating-rate bonds. The state-owned financial institution priced a COP326.9bn 2011 tranche at the DTF rate plus 1.10% and a COP248.3bn 2012 tranche at DTF plus 1.33%. The bank is rated AAA on a national scale. Correval managed the transaction. The trade is the fourth local market bond sale in Colombia in less than a week, following issues from utility Emgesa, dairy Alpina and Banco Davivienda.