ISA Fires up COP Bonds

Colombian grid operator ISA is set to price Thursday two tranches of local bonds worth some $80m with 6 and 9 year maturities, say executives on the deal. The offering, which could grow to $100m, marks ISA’s first local tap since December. Francisco Chavez, a bond analyst at Bogota-based Corredores Asociados, says he thinks a 6-year ISA bond could come at over 100bp over TES, and 500bp-520bp over IPC. For the 9-year, the TES spread could land in the 120bp-150bp, while a margin over IPC could vary between 500bp-550bp, says Chavez. Correval, Citi and Bancolombia are leading.