Cencosud Fills Cart with Orders

Order books for Cencosud’s 2022 bond, expected to price today, were heard hitting more than $2bn Wednesday afternoon, as the issuer indicated a UST+375bp-area yield. The Baa3/BBB minus Chilean supermarket operator is expected to raise $1bn, and finished a roadshow Wednesday. JPMorgan, BBVA, BNP Paribas, Itau, Mitsubishi-UFJ, Mizuho, and Santander are managing the sale, done to raise funds for the recent $2.6bn purchase of Carrefour’s Colombian operations. Cencosud is also readying a $1.5bn equity capital increase to cover the rest of the takeout, expected in December or January. Its last dollar bond was its cross-border debut in January 2011, raising $750m in 2021 notes.