CFR Mulls Local, International Bonds

Chile’s CFR is heard considering an international bond sale in addition to already established domestic issuance plans. The pharmaceutical company has registered to sell up to UF4m ($191m) domestically, with tranches of up to 10 and 30 years. The local issue is expected before the end of the year. Maturities will likely be closer to 5 and 20 years, and the total size less than UF4m, especially if the company chooses to pursue a cross-border sale, according to sources familiar with the issuer’s plans. A deal in either market would represent CFR’s first bond issuance. Proceeds could be used for M&A activity. IMTrust and Santander are managing the local deal. CFR is rated A/A+ on a national scale.