Chileans Hold on Local Offerings

Poor market conditions have forced Chilean borrowers Grupo Saesa and Entel to delay local bond transaction that had been set to price on Thursday. Saesa is now aiming to issue a UF2m ($94m) bond next week if conditions allow, according to bankers on the sale. The electricity holdco had been eyeing 30-year bonds paying a coupon of 3.35% as it looks to refinance existing debt. BBVA Chile and IMTrust are managing the sale, rated AA on a national scale. Less is known about the fate of Entel, which elected not to price up to UF5m ($235m) in domestic bonds on Thursday, say market participants. No rescheduling has been announced, they add. The telecom had been looking to select among a 5-year CLP-denominated tranche paying a 6.1% coupon, a 5-year UF portion paying a 3.2% coupon and a 21-year tranche with a 3.5% coupon. Bice and IMTrust are managing the sale, rated AA minus on a national scale.