Chile

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.

Latin America’s best rated sovereign Chile will follow up this week’s euro and dollar bond issues with a local market trade targeted at international investors as it looks to build out its peso-denominated curve.

Latin America’s best rated sovereign, Chile, has bought back $293m of its existing 2042s after receiving a strong response to the tender offer launched in conjunction with Tuesday’s dual tranche bond offering.

Latin America bond investors saw another day full of new issues but lacking in juice as the region’s best rated sovereign, Chile, led the way with a euro and dollar deal.

Chile’s leading casino operator Enjoy SA spent Monday receiving feedback from investors about certain modified terms on its offering memorandum after potential bond buyers decided that the original terms were too risky a bet.

Chilean power transmission company Celeo Redes showed the bond market’s willingness to support first-time Latin American borrowers with a 30 year amortiser that bankers saw as coming tight to expectations.