CMPC Rolls Out New Benchmark

CMPC Rolls Out New Benchmark

Chile Bonds

Chilean pulp producer CMPC has printed a new $500m 2023 bond, after seeing about $3.5bn in demand. The Baa3/BBB/BBB+ note priced at 99.248 with a 4.375% coupon to yield 4.469%, or UST+270bp, tight to 275bp-area guidance that came after 290bp initial price thoughts. The bond traded up 1.25-1.75 points in the grey Wednesday, traders say. Participating investors were drawn to the scarcity value of Chilean paper not available in the secondary market. “The deal tightened, but it was attractive relati

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