Santander Opens Chile Covered Bond Market

Santander Opens Chile Covered Bond Market

Chile Bonds Structured Finance

Santander Chile has raised UF1.5m ($67m) from the sale of covered bonds in the domestic market, it says, the first ever such deal in Chile. The 2028 instruments known as Bonos Hipotecarios have a 3.20% coupon and priced at a discount to yield 3.39%, according to people following the sale. The bank drew 2x demand, and gets a pricing level it describes as coming 16bp inside its senior bond curve. Pension fund managers, banks and mutual funds participated. The bonds are the first to take advantage

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