Colombians Gobble Chocolates Bonds

Food producer Grupo Nacional de Chocolates has sold COP500bn ($250m) in inflation-linked bonds on Colombia’s domestic market. The issuer priced COP98.5bn in 2014 bonds at the IPC index plus 4.19%, COP131.8bn in 2016s at IPC plus 4.96%, COP135.5bn in 2019s at IPC plus 5.33%, and COP134.2bn in 2021s at IPC plus 5.59%. Total demand reached COP1.5trn, according to Chocolates. It will use proceeds to refinance debt at the operating company level. Bancolombia managed the sale, rated AAA on a national scale.