Bancoldex Issues Local Bonds

Colombian development bank Bancoldex sold COP117.65bn ($65.4m) in local. The issue was done in two series. A COP80bn 18-month piece pays 5.3% or 145bp over DTF and priced at 99.998, a COP95bn 21-month piece pays 5.33% or 148bp over DTF and priced at par. Total demand was COP167bn, according to the issuer. The notes are rated AAA on a local scale. Proceeds will be used for working capital. Bancoldex self-led the sale together with Profesionales de Bolsa, Ultrabursatiles and Corredores Asociados. Pension funds, insurance companies and trusts were the main investors.