Banco BICE, Chile’s seventh-largest bank by assets, sold the equivalent of $139 million worth of bonds denominated in Swiss francs, returning to the market for the first time since its 2021 debut.
The bank priced CHF115 million in four-year bonds at par to yield 1.98%, or 135 basis points over Saron mid-swaps, according to a source familiar with deal.
It initially offered CHF100 million worth of the 2030s and set guidance between 125 and 135 bps, but it upsized the deal in response to investor demand and revised the spread to between 130 and 135 bps before launching, the person added.
UBS, Commerzbank and Zürcher Kantonalbank were bookrunners on the offering.
Banco BICE intends to use the proceeds for general banking and corporate purposes, Fitch Ratings said in a report last week, adding it expects to give the 2030 notes a BBB+ rating.
The bank made its Swiss market debut in October 2021, selling CHF110 million in five-year notes.
Its latest deal follows hot on the heels of the Republic of Chile’s inaugural CHF bond sale on Monday. Other Chilean lenders to have tapped the Swiss market this year are BancoEstado and the Chilean divisions of Santander, Scotiabank and Itaú.
Mexico’s Femsa also priced its inaugural CHF deal last week.