Costa Rican Bank will place Bonds in Central America
Banco Popular in Costa Rica plans to register bond issues in the financial markets of El Salvador, Panama and Nicaragua.
Wednesday, January 29, 2014
Pension funds in El Salvador and institutional investors in Nicaragua are the target for Banco Popular from Costa Rica, who plans to start three programs of issuances of debt worth $50 million.
Gerardo Abarca, financial manager of the company , told Elfinancierocr.com: "We want to internationalize the bank in terms of fundraising. We had a good experience in Panama, an already well consolidated market. We expect to leverage these new places a niche of investors with an appetite for terms of over one year. In Costa Rica , investments in accounts as well as on the National Stock Exchange, are still very short, with terms of six months to one year.
In El Salvador there are operators who usually invest in pensions and long periods of 4 to 10 years. In Nicaragua , we recently an agreement signed with a broker and after that there will be sales to a selection of institutional investors who have the right profile.
Basically, we want to have programs of open bonds. The emissions programs are for amounts of $50 million for the three markets (El Salvador, Nicaragua, Panama) available. That does not mean that we will use it completely. The goal is to have a choice from which we can select the one that best fits the needs of the bank. "
Empresa de Transmisión Eléctrica de Panamá issued seven-year local market debt securities with a 3.85% interest rate.
Empresa de Transmisión Eléctrica S.A. (ETESA) made its first issue of corporate bonds in the Stock Market of Panama, for the sum of seventy-five million dollars ($75 million) to be used to finance investment projects included in the Expansion Plan of the National Interconnected System (PESIN) of 2018, said the institution in a statement.
The Costa Rican Electricity Institute has now been given authorization to issue debt in the local market, which will have staggered maturities ranging from 2017-2027.
Spokespersons for the institution explained that the funds raised will go towards investment projects in the electricity and telecommunications business, "... besides projects of its subsidiaries."
The entity is preparing, for the March 18, to place corporate debt at a 2 year term and a net rate of 5.25%, via auction on the National Stock Exchange.
From a statement issued by FCCA Investment Banking:
On Wednesday March 18 Banco Lafise Costa Rica a member of the prestigious Lafise Group with operations in Central America and the Caribbean, will auction on the National Stock Exchange 10-year bonds for $10 million, at a 5.25% rate, quarterly risk rating (SCR AA-) and (PCR AA).
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