Findeter Issuing Credit Deposit Notes

Colombian state-owned development finance agency Findeter is planning to issue COP225bn ($113m) in credit deposit notes in a Dutch auction. The notes, rated AAA, to be issued via the local stock exchange, will have tranches of 2, 3 and 5 years. Findeter will sell COP50bn in 2-year tranche, COP75bn in the 3-year tranche and COP100bn in the 5-year tranche. The 2 and 3-year tranches will pay a spread over DTF and the 5-year will pay a spread over IPC. Proceeds of the issue will be used to finance lending operations, says Fredy Vivas, a financial officer at Findeter, who adds that the agency is structuring and managing the operation itself.