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

Banco Popular y de Desarrollo Comunal SA said it plans to auction a series of 18-month bonds May 29 worth 15 billion Costa Rican colones.

The Series Z14 bonds will carry an interest rate of 9.10%, according to a regulatory filing.

The Costa Rican bank said it plans to use the proceeds from the issuance to improve liquidity, as well as for investments and direct lending.

As of May 24, US$1 was equivalent to 563.75 Costa Rican colones.