Bavaria has issued COP438.2 bln (US$162.5 m) worth of ordinary bonds in Colombia to put toward debt management. In a statement released yesterday, the Colombian brewer said that the bonds carry maturities of between three and nine years, and are linked to Colombia's benchmark DTF interest rate and to the consumer price index.

The DTF is set weekly according to a Central Bank survey pf commercial bank interest rates.

Earlier this month, reports suggested that the brewer is also planning to issue US$50 m in bonds in Peru during July.

The brewer has been aggressively extending its reach in Latin America, and has spent US$1.1 bln on expansion by buying brewers in Peru, Ecuador and Panama to double its output over the past three years.

The Colombian conglomerate announced last month that net income for Q1 hit COP22.2 bln (US$8.5m), up from COP5.9 bln in the corresponding quarter last year.