Banco Del Desarrollo Prices In Chile

Chilean development bank Banco del Desarrollo has priced a two-tranche local deal for the equivalent of $85 million in UF, the domestic inflation-indexed unit. It included a $50 million-equivalent, five-year bullet at 376 basis points over UF, or 74 basis points over the Chilean T-bill. There was also a $35 million equivalent 25-year final, 13-year average subordinated piece at 465 basis points over UF (158 basis points over government). The latter had a 13-year grace period. Pricing compared favorably to the 220 basis points spread seen for the same issuer last year, said a banker on the deal. IM Trust was the lead.