Scotiabank Sud Americano Pumps Up The Volume

Scotiabank Sud Americano, the Chilean subsidiary of the Bank of Nova Scotia, issued local inflation-linked bonds for the first time, selling $168 million worth of the securities on Wednesday, more than the $50 million originally planned. The bonds, which carry a maturity of 9.5 years and a duration of 8.16 years, will pay interest of 3.61% over the UF rate, equivalent to a spread of 83bp over 10-year Central Bank notes. The paper has been assigned an AA minus rating by Fitch.