January 23, 2019 / 7:05 PM / 8 months ago

Colombia 2-part bond offer highly oversubscribed -banking source

NEW YORK, Jan 23 (Reuters) - Colombia launched on Wednesday a two-part $2 billion bond, with the book oversubscribed more than six times, a banking source said.

The $1.5 billion 30-year offering has a 215 basis points spread over comparable Treasuries while the $500 million 2029 reopening spread was 170 basis points over Treasuries, the source said.

Last October, Colombia priced a 10-year offering at T+140 basis points.

“Investors like the concession,” the source said, adding that orders ballooned to near $13 billion.

Joint managers on the deal are BNP Paribas, Bank of America Merrill Lynch and Morgan Stanley, according to a document filed to the Securities and Exchange Commission. The source is not affiliated with the managers.

Colombia’s long term credit rating stands at Baa2/BBB-/BBB by Moody’s, S&P and Fitch respectively. (Reporting by Rodrigo Campos in New York; additional reporting by Nelson Bocanegra in Bogota; Editing by David Gregorio)

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