Chilean Quasi Poised to Price

Banco Estado de Chile is targeting a $500m 10-year bond with guidance and pricing expected today. According to one investor, initial whispers are being heard at UST plus mid-200s area. Citi, Deutsche Bank and HSBC are leading the 144A/RegS transaction for the government-owned bank. The Aa3/A+ borrower was last in the international market in September 2010 when it issued a $500m 4.125% 2020 bond to yield 4.219%, via Deutsche Bank and JPMorgan. Those bonds have been trading around 102.50-103.00, or around 3.75% on yield basis.