Chile

Rodrigo Valdés, who was finance minister of Chile since May 2015, has resigned from his post over policy differences with the government.

Chilean copper miner Codelco completed the second leg of its tender offer on Tuesday, bringing the total amount of debt that it has repurchased using proceeds from last month’s new issue to $2.357bn.

Chilean life insurance company Confuturo this week announced its adoption of Bloomberg’s multi-asset risk system (MARS) collateral management tools, in an effort to manage the demands of new global margin rules.

Investor interest in the second leg of Chilean copper miner Codelco’s tender offer has been strong, with almost $1bn of bonds tendered by the early bird deadline.

Codelco, the Chilean copper miner that raised $2.75bn of debt last week to fund a tender offer of several bonds, will buy back just over half of its 2019s, 2020s and 2021s after wrapping up the so-called “any and all” leg of the tender offer.

Lat Am bond bankers praised Chilean copper miner Codelco for the timing and execution of its first new issue in nearly two years, after the issuer priced a new dual-tranche note flat to its curve and saw it edge tighter in secondary.

Investors dug deep for Chilean copper giant Codelco’s first bond issue in 22 months on Tuesday as bankers at the leads claimed a negative new issue premium on the issuer’s 10 year tranche.

Questions have arisen, after S&P dumped Chile’s banks’ double-A ratings, as to whether this marks the end of the affair with the country for Swiss investors too. With two banks slashed to single-A, Swiss Bond Index rules could stunt the blossoming relationship between Swiss investors and Chilean FIG debt.

Latin America’s best-rated sovereign, Chile, has slipped a notch with Standard & Poor’s as the rating agency said the country’s vulnerability to external shocks had increased.

Chilean retailer Cencosud’s new 10 year bond drifted wider in secondary markets on Thursday after bankers placed its new issue premium in the single digits.

South American retail giant Cencosud tightened its new $1bn 10 year bond by 40bp from initial price thoughts on Wednesday as it completed a liability management exercise.

Chile re-opened its domestic 2021s and 2035s on Wednesday as it looks to attract more international investors into its peso-denominated bonds.