Colombian Plays It Safe with T2
Banco de Bogota has priced a $500m 2023 Tier 2 bond at levels seen as slightly cheap, in order to get the deal done in a trickier market environment. Despite a decline in risk appetite last week that led to two high-yield cancellations, the Grupo Aval bank generated $3.6bn in orders and showed the market remained open for high-grade issuers. Colombia’s second-largest lender priced at par with a 5.375% coupon, to yield UST+342bp and in line with 5.375%-area guidance that followed 5.625%-area...
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