Grupo Aval Plans to Sell ADRs Before Issuing More Overseas Debt
Grupo Aval Acciones y Valores (AVAL) SA, the banking group controlled by Colombian billionaire Luis Carlos Sarmiento Angulo, is likely to sell American depositary receipts before issuing bonds abroad again, said Chief Executive Officer Luis Carlos Sarmiento Gutierrez.
“If we were to issue abroad again, it would more likely be stock than debt,” he told reporters today in Bogota. “We’re ready and have been ready for more than a year to issue ADRs. We’re waiting for the best timing.”
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