Concha y Toro Uncorks UF Debt

Concha y Toro Uncorks UF Debt

Chile Bonds

Vina Concha y Toro has issued UF1.5m ($71m) in Chile’s domestic bond market. The winery priced the 6-year bond with a 3-year grace period at 99.45, with a 3.50% coupon to yield 3.63%, or government paper plus 119bp. The issuer, rated AA/AA minus on a national scale, saw some 2.7x demand, with interest in part driven by the fact it was a well-known household name investors could use to diversify their portfolios, and also by the scarcity of double-A borrowers tapping the short end of the market,

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