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Banesco to issue bonds worth $1.2M

Banesco SA on March 7 plans to offer negotiable bonds worth up to $1.2 million, according to a regulatory filing from the Panama-based bank.

The six-month series AL bonds carry an annual interest rate of 3.50%. The securities will be issued on March 9.

The proceeds of the offering will be used to finance loan portfolio growth, Banesco said.