CFR Defines Domestic Bond Plans

Chile’s CFR is targeting November 8 for a domestic bond issue, according to people familiar with the plans. The pharmaceutical company started investor meetings this week, and is expected to issue UF2m ($96m), divided among three possible tranches. A 3.5% coupon 5-year UF bullet tranche, a 4.0% coupon 21-year tranche with a 10-year grace period, and a 6.5% coupon 5-year peso-denominated bullet tranche are the options. Proceeds could be used for M&A activity. IMTrust and Santander are managing the transaction, rated A+/A on a national scale. A sale would represent CFR’s first bond issuance.