January 3, 2014
Chile’s Esval plans to sell a 3.8% 20-year bond of up to UF1.5m ($66m) in t
Chile’s Esval plans to sell a 3.8% 20-year bond of up to UF1.5m ($66m) in the local market on January 21, LatinFinance understands. Santander leads the sale, rated AA/AA on a local scale. The privately-held water company is raising funds to refinance debt. It last issued in April 2012, when it sold a UF1m 3.95% 2022, sold above par to yield 3.93%, or 115bp over government bonds. The Chilean bond market is open for top names, but lower-rated companies face high prices, say market sources.