Banco La Hipotecaria SA said it will auction three tranches of 360-day negotiable commercial securities under its rotating securities program worth $50.0 million.

The bank on Feb. 23 plans to offer $3.0 million worth of series L debt. It also will auction about $2.7 million of series M bonds and $2.5 million of series N securities Feb. 27 and March 1, respectively.

All three series carry an interest rate of 3.875%, payable quarterly.

Funds from the sale of the securities will be used to finance the growth of the issuer's mortgage loan portfolio.