Davivienda Sells Local Notes

Colombian financial institution Davivienda has sold COP500bn ($254m) in local ordinary bonds, double the amount it originally intended to issue, says finance vice president Marco Franco. He adds that demand for the bonds was COP1.18trn. The issue was done in 4 tranches. Davivienda placed COP97.00bn in 18-month bonds paying IBR plus 0.95%, COP86.00bn in 2-year bonds at DTF plus 0.95%, COP101.80bn in 3-year bonds at IBR plus 1.36% and COP215.00bn in 5-years at IPC plus 3.98%. Franco says Davivienda will return to the market with a 10-year subordinated issue of around COP250bn in about 2 weeks. He says this is part of a plan to issue COP1trn over time to bulk up working capital. Davivienda managed the sale itself.