Banco Popular to Issue Bonds

Colombia’s Banco Popular, part of Grupo Aval, says it plans to issue COP200bn ($111m) in local bonds with the possibility of increasing the amount by another COP100m depending on demand. The issue will have 4 pieces. Tranches due in 18, 24 and 36 months will be pegged to IBR and a 3-year piece will be pegged to IPC. Proceeds will be used for working capital. The notes are rated AAA and the bank will lead the sale itself.