EPM Raises COP500bn Locally

Colombian utility Empresas Publicas de Medellin (EPM) has issued COP500bn ($264m) in local bonds in 3 tranches, all priced at par. A 6-year tranche has a coupon of 3.25% over IPC, a 12-year piece pays 4.20% over IPC and a 20-year tranche pays 4.94% over IPC. Demand for the AAA rated notes, which will finance working capital, was almost COP976bn, says a banker on the deal. It was upsized from COP350bn. There was no bank leading the sale, but Correval, Interbolsa and Corredores Asociados were bookrunners. The closest comp is state-controlled Colombian oil giant Ecopetrol, which at the start of December issued COP1trn ($518m) in local bonds tight to guidance. A 5-year COP97.1bn piece paid 2.80% over IPC, a COP138.70bn 7-year landed at 3.30% over IPC, a COP479.90bn 10-year was 3.94% over IPC and a COP284.30bn 30-year pays 4.90% over IPC.