Codelco Makes Annual DCM Visit

Codelco Makes Annual DCM Visit

Chile Bonds

Looking to execute a transaction before the busy September calendar, Chile’s Corporacion Nacional del Cobre (Codelco) jumped into the DCM to raise $750m in new 2023 bonds. Fresh off of a two-notch upgrade from S&P, the Chilean miner brought in $1.4bn in demand, according to people familiar with the transaction, in what has become an annual visit to the bond market during the last five years. The A1/A+/AA minus note priced at 99.864 with a 4.500% coupon to yield 4.517%, or UST+187.5bp, in line wi

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