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Banesco to offer $2.4M in bonds

Panama-based Banesco SA on Dec. 7 will offer negotiable commercial securities, or VCNs, worth about $2.4 million.

The series AH bonds have a term of six months and carry a nominal annual interest rate of 3.25%. They will be issued Dec. 12.

Proceeds from the bond sale will be used for the financing of the expected growth in Banesco's loan portfolio, especially corporate loans, residential mortgage loans and credit cards.

The offering is a part of the bank's $50 million bond program.