Arauco Concludes Bond Show

Chile’s Arauco concluded a two-day roadshow Tuesday, with a 2019 bond set to follow as soon as today. Investors expect a $300m-$600m issue that could yield in the mid 7% area. JPMorgan is managing the Baa3 rated sale, which provides a test for non-government supported investment-grade credit, following a recent stream of quasi-sovereigns and sovereigns. Elsewhere, Brazil’s Eletrobras is set to conclude its roadshow today, and follow it this week with a 2019 bond of $600m-$1bn in size via Credit Suisse, seen coming in the low 7% handle yield.