Corpbanca Issues Local Bonds

Chilean financial conglomerate Corpbanca has sold UF3m ($130m) in 3-year local bonds with a 3.40% coupon to yield 3.65%, or 108bp over government. The bonds are rated AA minus by Fitch. Proceeds of the self-led issue will be used to finance expansion plans. Corpbanca, previously known as Banco de Concepcion, claims to have a 7% share of Chile’s loan market and operates 107 branches.