Chilean Readies Bonds

Chile’s Consorcio Financiero is in the process or registering to issue a domestic bond sale of up to UF6m ($286m), with possible tranches up to 10 and 30 years. The non-bank institution specializing in consumer credit and insurance is looking for funds for investments and the payment of liabilities. Celfin is managing the sale, rated AA/A minus on a national scale. The sale had initially been considered for December, according to people familiar with the process, though a number of issuers expected with deals prepared for November are watching the markets and may hold off until conditions improve. In October, Consorcio raised $271m-equivalent to finance the expansion of its subsidiaries. The company is targeting an IPO in 2016.