Chile

Chile’s national oil company Enap raised $700m of senior unsecured bonds on Tuesday as an attractive new issue concession tempted investors despite the company’s high leverage.

Chilean state-owned oil company Empresa Nacional de Petróleo (Enap) will look to tap the bond markets next week to fund a buyback of existing debt as Latin American companies continue to turn to tender offers just as often as the new issue market.

Empresa Nacional de Petróleo (Enap), the Chilean state-owned oil company, will begin meeting investors on Monday ahead of a planned first dollar bond in nearly two years.

Latin American DCM bankers are hoping that Transelec’s blow-out bond issue on Thursday will encourage more investment grade issuers from the region to come to market, saying that deal’s success was in part down to the short supply of triple-B corporates in primary markets.

Bond market participants said that the warm reception for Chilean utility Transelec’s latest issue on Thursday showed that there was huge pent-up demand for EM high grade corporates in a Lat Am primary market dominated by sub-investment grade Brazil and Argentina.

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Chilean state-owned lender Banco del Estado de Chile’s CFO told GlobalCapital that the issuer would look at issuing more SRI bonds after selling a so-called “women bond” denominated in Japanese yen on Friday.

Empresa Eléctrica Angamos, the Chilean power generation company, will buy back at least $187m of its senior secured notes due 2029 as part of a tender offer but extended the early bird deadline and increased the maximum size in a bid to entice more investors to offer up their holdings.

Banco Santander Chile will buy back more bonds than originally planned after its tender offer was fully subscribed before the early tender deadline on March 1.

The Republic of Peru could become the third Latin America sovereign to issue in euros in 2016 after holding an investor call at 10.30am UK time on Monday.

Santander’s Chilean arm has launched a tender offer for up to $500m on its 3.875% fixed rate 2022s and its floating rate notes due 2018.

Santander’s Chilean arm has launched a tender offer for up to $500m on its 3.875% fixed rate 2022s and its floating rate notes due 2018.