Santander Gets COP Bonds

The Colombian unit of Santander has placed COP132bn ($53m) in subordinated local bonds. The issue was divided into tranches of 7-year bonds paying a 10.84% fixed rate and IPC plus 6.35%, and a 10-year priced at a fixed rate of 10.79% and IPC plus 6.50%. The bank describes demand for the issue as exceeding the offered amount, but does not say by how much. Proceeds will go towards working capital. Santander’s own capital markets unit is managing the sale, rated AA+ on a national scale.