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Costa Rica's Banco Popular to issue bonds

Costa Rica-based Banco Popular y de Desarrollo Comunal SA on July 9 will place bonds worth about $6.5 million.

The bonds will have a term of 540 days and carry a gross interest rate of about 4.89%. They are part of the bank's series Y7 bond issuance worth $20 million, according to regulatory filings.

In addition, the bank on July 11 will auction series Z16 bonds worth 20.00 billion Costa Rican colones.

The bonds have a three-year term and yield at a net interest rate of 9.85%. They will be issued July 13.

Resources from the bond offerings will be channeled to the bank's financial intermediation activities.

As of July 4, US$1 was equivalent to 566.45 Costa Rican colones.