E-CL Clinches Bond

Chile’s E-CL has joined the list of LatAm issuers looking to tie up deals before year-end, raising $400m in 2021 notes. The company, formerly known as Edelnor and controlled by GDF Suez, drew $1.25bn in orders on the BBB minus rated bonds, according to bankers on the deal. The 5.625% coupon priced at 98.432 to yield 5.832%, or UST plus 260bp, the tight end of UST plus 260bp-270bp guidance. The bond traded 30bp tighter in the aftermarket, according to investors. One US-based investor says the issue is cheap relative to comparables such as the Chile sovereign issue and Codelco. Deutsche Bank and JPMorgan managed the sale, which follows a US and European roadshow and is the first dollar bond for EC-L/Edelnor since 1998, according to Dealogic.