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Colombia's Banco GNB Sudameris to issue up to 500B pesos in bonds

Banco GNB Sudameris SA on Nov. 22 plans to offer bonds worth 300.00 billion Colombian pesos, extendable to 500.00 billion pesos, the bank said in a filing on Nov. 21.

The series B securities will be issued on Nov. 22 in two tranches. The 7-year B1 subseries carries an interest rate of 4.0% on top of the Official Colombian Consumer Price Index IPC. Meanwhile, the nine-year subseries B2 carries a 4.3% interest rate on top of IPC.

The proceed from the offering will be used to finance the bank's working capital, according to the securities filing.

As of Nov. 21, US$1 was equivalent to 3,000.82 Colombian pesos.