CorpBanca Opts for 5-year Bond

Chile’s CorpBanca is aiming for a spread to UST in the mid-200bp range for a new 5-year international bond expected to price today, according to investors. The size remains to be determined, but is expected at $750m, according to ratings agencies. Making its cross-border debut, the Chilean bank had been considering issuing at up to 10 years maturity as it looks to help fund the $1.2bn purchase of Colombia’s Helm Bank agreed in October. The price talk comes after comparisons with peers Santander Chile, Banco del Estado de Chile, and Banco de Credito e Inversiones (BCI). The Baa1/BBB+ bank finished a roadshow Wednesday, via Citi and JPMorgan. CorpBanca is also preparing to price the international portion of an equity follow-on Tuesday, raising around $150m to begin a process expected to top $600m-equivalent, also to help replenish funds spent on expansion in Colombia. BTG Pactual is managing the equity sale, with Celfin and CorpBanca as co-managers.