Promigas Clinches Local Bond

Promigas has raised COP500bn ($281m) in Colombia’s domestic bond market, receiving 2.5x demand. The gas company priced COP100bn in 2020 bonds at IPC+2.02%, COP150m in 2023 bonds at IPC+3.22%, and COP250bn in 2033 bonds at IPC+3.64%, according to people familiar with the sale. The issuer was seen getting lower rates than expected, following Monday’s cutting of the country’s benchmark by the central bank. Promigas is raising funds to refinance liabilities. Corficolombiana managed the deal, rated AAA on a national scale, with Casa de Bolsa, Corredores Asociados and Serfinco as bookrunners. It was the issuer’s first domestic bond sale since a COP400bn transaction in August 2009.