Chilean Hybrid Gets $3.6bn Demand

Chilean Hybrid Gets $3.6bn Demand

Chile Bonds Structured Finance

Chilean utility AES Gener has raised $450m in new junior subordinated hybrid bonds, with demand topping $3.6bn, according to people following the sale. The 2073 NC5.5 priced at par with an 8.375% coupon to yield tight to 8.500%-area guidance and earlier 9.000%-area talk. The bond traded 102.6-103.3 Wednesday afternoon, according to a trader. Gener’s coupon is reset after 5.5 years and every five years thereafter by floating rate. Interest payments are deferrable at the company’s discretion. The

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