Codelco gets meagre response to buy-back tender

Copper, Chile, Codelco, Chuquicamata, LatAm
By Oliver West
08 Oct 2019

Chilean copper miner Codelco is having trouble persuading existing note holders to part with their paper, after printing $2bn of new debt at record low yields in September.

Government-owned Codelco (Corporación Nacional del Cobre de Chile), the largest copper producer in the world, sold $1.1bn of 2029s at 3.02% and $900m of 2050s at 3.71% on September 23, which it said represented the lowest ever yields achieved by the company at the respective maturities.

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