Finandina Preps Local Issue

Colombia’s Banco Finandina is poised today to round out a COP200bn ($110m) issuance program with a COP27.6bn private placement maturing May 2015, at DTF+1.99%. Corredores Asociados, Correval, Interbolsa, Bancolombia, Casa de Bolsa and Serfinco will lead the transaction, say sources familiar with the deal. The transaction will complete a program that began last August with COP72bn, followed by COP100.5bn in May. In August 2011, Finandina’s issue saw some COP97bn in demand. It sold a COP41bn 2013 tranche paying the IBR+2.09%, a COP12bn 2014 piece paying IBR+2.50%, and a COP19bn 2016 inflation-linked portion paying 4.20%. In May, it issued a COP64.7bn 2015 series paying DTF+1.85%, a COP12.3bn 2016 series paying DTF+1.99%, and a COP23.5bn 2015 series paying IBR+1.84%. The bonds are rated AA on a local scale.