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Costa Rica's Banco Popular to offer bonds worth 10B colones

Banco Popular y de Desarrollo Comunal SA said it will auction bonds worth 10 billion Costa Rican colones on March 20 at a gross interest rate of 9.50%.

The Costa Rican bank plans to use proceeds from the issuance of the 540-day, series Z12 notes for its financial intermediation activities, including direct lending and liquidity management.

As of March 15, US$1 was equivalent to 569.40 Costa Rican colones.