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Colombia's Grupo Aval to issue $116.2 million in bonds

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BOGOTA, Nov 14 (Reuters) - Grupo Aval, Colombia's largest financial conglomerate, said on Thursday it would issue 400 billion pesos ($116.2 million) in local bonds, principally to pay off debts.

The holding, which includes banks Banco de Bogota, Banco Popular, Banco AV Villas, Banco de Occidente and the Porvenir pension fund, will issue 20-year paper with a yield equivalent to inflation plus 3.9%.

At least 70% of the resources will go to pay debts, the company said in a statement. ($1 = 3,441.89 Colombian pesos) (Reporting by Nelson Bocanegra Writing by Julia Symmes Cobb Editing by Jonathan Oatis)