Chile Metro Defines Bond Terms

Empresa de Transporte de Pasajeros Metro, meeting with Chilean bond investors this week, has further defined the terms of its upcoming domestic market issue. The Santiago subway operator will look to sell up to UF1.5m ($68m) in 21-year bonds with a coupon of 3.85%, as soon as next week. The funds are to be used to refinance debt. Santander is managing the sale, rated AA/AA+ on a national scale. Metro last issued in October 2011, placing UF5.2m in 21-year bonds at a 3.75% coupon to yield 4.00%, or 129bp over benchmark, also through Santander.