Banco Crédito Agrícola de Cartago (Bancrédito) summoned its investors for a repurchase by reverse auction for next Monday, November 20th.
This transaction is an operation in which the bank will recover the securities (bonds) that it issued in the past and in return will issue securities issued by the Ministry of Finance and the Central Bank, which are part of the portfolio of own investments.
The bonds to be presented by investors are those of series B5, E1 and F22, whose maturities are scheduled for January and February 2018.
As a counterpart, securities maturing between July 2019 and May 2024 will be delivered.
These negotiations will be generated directly by the National Stock Exchange in a special session. This type of transaction is part of Bancrédito’s transformation process that should end on December 31st. However, a month and a half after it is completed, there is no progress in the bill to transform the Costa Rican Development Bank.
The last few days have raised some doubts about the intentions of the Executive on this issue.