Banco Davivienda (Costa Rica) SA plans to issue 30.00 billion Costa Rican colones in bonds through two auctions on Oct. 22 and Oct. 23.

The 360-day series F2 notes will carry a gross interest rate of 8.42% and will be issued on Oct. 22, according to a filing from the bank.

Meanwhile, Banco Davivienda said it will issue the 540-day series F3 bonds which carry a 9.13% gross interest rate on Oct. 23.

Each series is worth 15.00 billion colones.

Proceeds from the offering will be used to finance commercial lending growth in both colones and U.S. dollars, the company said.

As of Oct. 11, US$1 was equivalent to 595.20 Costa Rican colones.