CGE Eyes Domestic Raise

Chilean power company Compania General de Electricidad (CGE) is planning to issue up to UF2m ($89m) in 21-year bonds via a Dutch auction as early as Friday, says a banker off the deal. Proceeds of the AA minus/A+ notes will be used to refinance debt. BBVA will lead the issue. Another banker says the issue is comparable to that of Inversiones Electricas del Sur, another power utility, which issued UF4m in 21-year notes with a coupon of 4.00% yielding 4.05% and priced at 99.33, a spread of 78bp over BCU-20. IMTrust and BBVA led that sale.