Road Builder Sees Demand for COP Bonds

Colombian highway operator Concesionaria de Occidente has issued COP162.5bn ($89.3m) in 3 series of domestic bonds, on the back of COP397.5bn total demand, a banker on the deal says. A COP53.0bn 3-year piece rated AAA pays a fixed rate of 6.25%, a COP52.0bn 7-year tranche rated AA+ pays IPC plus 5.28% and a COP57.5bn piece rated AA+ pays IPC plus 6.18%. Proceeds will be used to finance construction of highways and repay and service debt. Interbolsa led the sale. Concesionaria de Occidente is controlled by Colombian builder Conalvias, and is building the 55km Pereira-La Victoria highway in western Colombia.