Codelco Sells $500 Million Bonds

Chile’s Codelco, the world’s largest copper producer, sold $500 million 30-year bonds on Friday, the longest ever maturity on its debt. The company sold the 5.625% bonds due in 2035 to yield 5.75%, 1.18 percentage points more than US Treasuries. The sale was managed by Deutsche Bank and JPMorgan Chase & Co. The money will be used to refinance Coldelco’s debt as it borrows to boost production in the face of surging demand.