Aguas Andinas Plots Bond Return

Chile’s Aguas Andinas will consider issuing bonds in Chile’s domestic market early in 2014, according to people familiar with the issuer’s plans. The water utility is in the process of registering a program of up to UF6m ($270m) at up to 30 years, and expects to complete registration by the end of the year. The first transaction would likely be for less than UF6m. Andinas last visited the market in April, issuing UF2m in 3.8% 2036 domestic bonds at a 3.8% yield, or 123bp wide of the government benchmark. Santander managed that deal, rated AA+/AA+ on a national scale.