Codelco Expected to Mandate Loan

Codelco Expected to Mandate Loan

Bonds

Blue chip Chilean copper producer Codelco is reviewing pitches for a $400m syndicated loan and bankers expect it to announce early next week the winner and structure. Tenors of 4-7 years are heard and bankers are eager to see the margin. As copper prices grind higher and following an easy recent syndication for Pemex at wafer thin margins, lenders are likely to have to bite the bullet for a relationship with the region's top miner. Pemex paid just 20bp over Libor on a $1.25bn 3-year and 25bp on

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