Codelco Whispers Concession

Coldelco is whispering UST plus 135bp area for a new 10-year bond expected to price as soon as today, according to investors. At that price, the new bonds would offer a concession to the Chilean state owned miner’s 2019s, trading in the secondary at about 110bp-115bp, according to investors. Codelco plans to use proceeds to partially finance capital expenditures and refinance existing debt obligations. The Chilean sovereign 10 year bond trades in the 60bp-70bp range, they say. A1/A Codelco had been roadshowing through Wednesday with Deutsche Bank and HSBC managing.