(Updates with results of bond issue)
BOGOTA, Nov 14 (Reuters) - Grupo Aval, Colombia’s largest financial conglomerate, issued 400 billion pesos ($116.2 million) in local bonds, principally to pay off debts, the Bogota stock market said on Thursday.
The holding company, which includes banks Banco de Bogota, Banco Popular, Banco AV Villas, Banco de Occidente and the Porvenir pension fund, issued 20-year paper with a yield equivalent to inflation plus 3.69% and five-year paper with a yield of 6.42%.
At least 70% of the proceeds will be used to pay debt, the company said in an earlier statement. ($1 = 3,441.89 Colombian pesos) (Reporting by Nelson Bocanegra Writing by Julia Symmes Cobb Editing by Jonathan Oatis and Richard Chang)