Geo Sounds Out Huaso Market

Mexico’s Corporacion Geo has finished a series of investor meetings in Chile as it determines if it is the right time to issue bonds in the so-called huaso market. With a $100m-eqivalent bond shelf recently approved, the homebuilder could look to issue in the coming weeks if markets look attractive, say sources familiar with the process. It finished meeting investors last week. Geo is targeting 10-year UF-denominated bonds in what would be its first deal in Chile and the first bond from a foreign issuer in Chile, since 2010. Proceeds would be used for refinancing debt, but there’s no rush to get it done, says a person familiar with the company’s plans, noting that timing is flexible. Santander is managing the deal, rated BBB/BBB on a national scale.