Gas Cos Target November COP Bonds

Colombia’s Promigas is targeting November for a domestic bond sale of up to COP580bn ($319m), and could be joined by issuances of COP200bn each by Surtigas and Gases de Occidente. The interest is in placing all three in November, according to people familiar with the issuers’ plans but at least one could wind up issuing in December, due to the volume of potential issuers in the marketplace. Promigas has also been eying the dollar markets this year, but has been leaning toward a domestic deal because of favorable rates and longer tenors. Corficolombiana is managing the deal, rated AAA on a national scale. Gas Natural’s Colombian unit sold COP300bn in 5 and 7-year bonds last week, and Promigas would likely aim for a longer tenor, the people following the deal say, given market conditions.