La Polar Sees Local Demand

Chilean retailer La Polar has issued UF5m ($222m) in local bonds, getting demand for more than UF9m, according to a banker on the deal. The A minus rated issue was done in 3 tranches. A UF1m 6-year piece has a coupon of 3.85% priced at 99.45 to yield 3.98%, a 133bp spread over BCU. A UF1m 10-year piece with a 4.25% coupon priced at 99.66 to yield 4.29%, a 139 spread over BCU. A UF3m 21-year piece with a 4.55% coupon priced at 100.62 to yield 4.49%, a 137bp spread over BCU. Proceeds will be used to refinance debt. BBVA led the sale.