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Costa Rica's Banco Popular to auction bonds worth 3.57B colones

Banco Popular y de Desarrollo Comunal SA said it will auction bonds worth 3.57 billion Costa Rican colones on June 8 at a gross interest rate of 7.25%, according to a regulatory filing.

The three-year Series X11 notes on offer were first issued in 2017 and will mature on April 3, 2020.

The Costa Rican bank plans to use proceeds from the issuance of the bonds for its financial intermediation activities, including direct lending and liquidity management.

As of June 5, US$1 was equivalent to 569.25 Costa Rican colones.