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Costa Rica's Banco Popular to issue bonds worth 7B colones

Banco Popular y de Desarrollo Comunal SA on Dec. 21 will issue up to 7.00 billion Costa Rican colones worth of bonds at a gross interest rate of 9.50%.

The Costa Rican bank plans to use proceeds from the issuance of the three-year, series Z9 notes for its financial intermediation activities, including direct lending and liquidity management.

As of Dec. 18, US$1 was equivalent to 567.04 Costa Rican colones.