Bancoldex Plans Bond Issue

Colombian development bank Bancoldex is planning to issue COP355bn ($190m), the first from a COP1trn program announced in May. The deal will be done in 3 tranches, says a DCM banker with knowledge of the deal. A first piece will be due in 18 months, a second in 33 months and a third in 51 months. All will be pegged to DTF. The banker says the amounts per tranche as well as rates are still being defined. The notes are rated AAA. Proceeds will be used for working capital. Bancoldex unit Fiducoldex will lead the issue.