Copec Gets Local Issue

Empresas Copec has raised UF1.3m ($60m) in a domestic bond sale, it says, bringing the first new issue to that market in about a month. The Chilean fuel and forestry conglomerate priced the inflation-linked 2021 bonds at 98.75 with a 3.25% coupon to yield 3.40%, or Chilean government bonds plus 115bp. Copec has marked the proceeds for financing its investment plan. IMTrust managed the sale, rated AA on a national scale. The deal comes out of a possible issuance of UF1.5m that also included the possibility of CLP-denominated 2021bonds. An up to UF2m 2041 deal from electricity holdco Grupo Saesa had also been expected as soon as this week, though a banker on it says a definitive date has not been set and it would come next week at the soonest.