ENAP Heads to Switzerland

ENAP Heads to Switzerland

Chile Europe Bonds

Empresa Nacional del Petroleo (ENAP) has raised CHF215m ($235m) through its first-ever Swiss Franc bond sale, one of two Chilean CHF deals Wednesday, along with Banco de Chile. The state-owned oil company priced the 2018 at 99.885 with a 2.875% coupon to yield 2.900% or MS+228bp, 12bp tighter than initial price thoughts of MS+240bp. Pricing was in line with secondary levels seen on comparable dollar credits with ENAP paying about 20bp premium to access the CHF market, according to a banker famil

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