Watts Issues Bonds

Watt’s has issued UF1m ($48m) in Chile’s local bond market, pricing a 20-year bond at 101.83 with a 4.20% coupon to yield 4.07%, or government papers plus 104bp. Raising funds to refinance liabilities, the food products company chose the 20-year maturity over the shorter tenor options also available under a UF6m shelf. LarrainVial managed the deal, rated A/A on a national scale. It was the first sale since May 2011, when Watt’s raised UF1m in 5-year and 20-year bonds.