Major Colombian bank Davivieda announced bonds emission is delayed due to turbulence in the markets, financial publication Portafolio reported Wednesday.
Market agents, who were going to participate in the emission as underwriters, said the reason for the postponement was turbulence in the markets, a result of uncertainty about the future in the U.S. and Europe. The emission had an initial quota of $166 million extendable to $276 million.
The Davivienda bonds, controlled by Grupo Empresarial Bolivar are rated AAA by BRC Investor Services. The deferred issuance is part of a global quota for up to $1.66 billion approved by the directors of the bank in November 2010 to finance its business extension plan which is focusing on Central and South America.
