Santander Chile Launches Loan

Santander Chile is having selective one-on-one meetings this week to get participation on a $125m 18-month loan priced at Libor+80bp for Aa3 risk. Bankers say it compares favorably to Corpbanca’s 95bp for a BBB+ 2-year, but European demand is expected to be very limited. “It doesn’t make sense to lend at Libor plus 80bp to a competitor when you are paying more than that to borrow,” says a banker not on the deal. Standard Chartered is the lead.