Codelco Surprises with Duration

Codelco Surprises with Duration


Chile’s Corporacion Nacional del Cobre (Codelco) took advantage of an improvement in risk markets Thursday to raise $950m while offering investors an opportunity for 30-year bonds. Equity markets rallied on positive news in the US government standoff, and the Chilean state-owned miner offered just the region’s third 30-year bond since QE tapering talk jolted markets in May. Investors were heard putting in for more than $3bn in orders. “It’s a well known name and solid credit rating and we haven’

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