Telsur Places Local Bonds

Chile’s Telefonica del Sur, also known as Telsur, issued UF1.5m ($60m) in 21-year local bonds in a single tranche. The A+ rated notes have a 73bp spread over local central bank notes, a coupon of 4.20% yielding 4.08% and are priced at 101.3. Total demand for the notes was UF3.5m, says a banker on the deal. Proceeds will be used to refinance debt. IM Trust handled the sale.