Codelco Tours Bond Comeback

Codelco is set to begin meeting US West Coast fixed income investors today, on a trip that will take it to the East Coast and Europe through October 27. The Chilean state-owned copper miner has not given an indication of the size or maturity it is seeking. It received authorization in July from its board for $1.8bn in debt at maturities up to 30 years, and had been shopping for banks since August. Deutsche Bank and HSBC are managing the process. The A1/A miner is a somewhat infrequent issuer, having last sold $600m in 7.5% of 2019s in January 2009 through HSBC and JPMorgan, to a $1.25bn order book.