Banco Occidente Misses Bond Target

Banco Occidente Misses Bond Target

Colombia

Colombia's Banco de Occidente planned to issue COP400bn ($218m) in local bonds, but ended up issuing only about COP360bn, with total demand of COP384bn. A banker away from the deal believes the smaller than expected demand is explained by the upcoming COP1trn Ecopetrol issue, which is expected to take place Wednesday. "The timing of Occidente's issue was not the best, they should have waited until after Ecopetrol's issue," he adds. The AAA notes, which priced at par, were issued in 4 pieces. A 3

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