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Banco de Occidente to auction 250B pesos in 8-year subordinated bonds

Banco de Occidente SA on Oct. 12 plans to auction up to 250 billion Colombian pesos worth of subordinated bonds, with a nominal value of 10 million pesos per bond, according to a securities filing.

The 96-month Series B bonds will carry an annual interest rate of 385 basis points over the local consumer price index, known as IPC.

The placement is part of the bank's fourth issuance of subordinated bonds under its global bond program for 8 trillion pesos, of which it has already placed 4.60 trillion pesos, the bank noted.

As of Oct. 10, US$1 was equivalent to 2,939.63 Colombian pesos.