Santiago Metro Nears Issue

Empresa de Transporte de Pasajeros Metro has started its bookbuilding process for a new domestic bond, and is expected to issue Thursday, says a person familiar with the sale. The Santiago subway operator is selling up to UF1.5m ($67m) in 2033 bonds with a coupon of 3.85%. 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 government bonds plus 129bp.