Banco de Costa Rica Targets 2023 (1)

Banco de Costa Rica (BCR) is planning to issue a $500m 2023 bond, according to Fitch, which assigns a BB+ rating. Banco de Costa Rica is set to begin a roadshow today in Los Angeles, and will go to Boston Tuesday and New York Wednesday before finishing in London Thursday. The bank is raising funds for debt repayment and asset liability management improvement. The bonds are also rated Baa3. Barclays and Deutsche Bank are managing. “The ratings are driven by the sovereign guarantees for all of the bank’s liabilities,” the agency says. BCR is the second-largest bank in Costa Rica, with a market share of 24% by assets.