Chilean Lender Readies Issue

Chilean auto lender Forum is planning to issue up to UF1.7m ($38m) in the local bond markets. The 2.5-year deal can be denominated in UF, CLP, or a combination of the two, and is expected to price as soon as next week. Proceeds will be used to refinance debt. Forum is rated AA minus/AA minus on a national scale. BBVA and BCI are managing the transaction. In March, Forum issued UF1.5m in the local bond market, pricing a 3.5% 2014 to yield 3.7%, or government bonds plus 160bp.