Chile Metro Sells Bonds

Santiago’s subway company, Metro, says it has sold UF4m ($170m) on 25-year bonds at 99.50 with a coupon of 4.50% to yield 4.54%. A banker away from the issue says total demand for the bonds reached UF6m ($255m). The bonds have a local AA rating from Humphreys and Fitch. Proceeds will be used to help finance the $1.3bn expansion of the Santiago subway system, the company says. Santander led the issue.