Estado Gets $500m Debut

Chile’s BancoEstado has raised $500m in its debut dollar bond sale, with investors putting up about $4bn in orders, according to a banker on the deal. The state-owned institution priced the 2020 at 99.240 with a 4.125% coupon to yield 4.219%, or UST plus 170bp, the tight end of 170bp-175bp guidance. This comes about 75bp back of the UST plus 95bp level of the Chilean sovereign, an investor says. Deutsche Bank and JPMorgan managed the Aa3/A+ deal.