La Polar Plans Local Bonds

Chile-based retailer La Polar is planning to issue up to UF5m ($222m) in local bonds in 2 tranches, according to a banker off the deal. One tranche will be due in 10 years and the other in 25, the banker says. Another banker off the deal says the 10-year notes could have a spread of around 120bp over the BCU benchmark and the 25-year notes a spread of around 100bp. A banker on the deal says that a roadshow might begin later this week. Proceeds of the A minus rated notes will be used to refinance debt and to fund investments. BBVA is leading the sale.