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Costa Rica's Banco Popular to issue 15B colones of bonds

Banco Popular y de Desarrollo Comunal SA said it will issue 15.00 billion Costa Rican colones of bonds on Oct. 17.

The notes, which are part of a 15.000 trillion colones bond program, will carry a gross interest rate of 8.15% and a term of three years, according to a filing.

The company plans to use the proceeds for financial intermediation activities, including lending and investments.

As of Oct. 11, US$1 was equivalent to 582.55 Costa Rican colones.