Banco de Chile Inches Closer to MXP Debut

Banco de Chile seems to be moving closer to its local Mexican bond debut after S&P assigned an AAA national scale rating to the proposed MXP2.5bn ($186m) issue. The borrower is expected to come with an up to 3-year tenor after earlier filing a shelf to issue up to MXP 10bn of debt in the local Mexican market. Banco de Chile will be the third Chilean issuer to tap the Mexican domestic market following similar moves by Banco de Credito e Inversiones (BCI) and Chilean miner Molymet. Banamex and JPMorgan are leads.