January 25, 2018 |
Chile has started its capital markets efforts for 2018, turning to Europe for €830m ($1bn) in 2029 paper, DCM sources confirmed.
BNP Paribas, HSBC and Santander started price talk between 50bp and 55bp over mid-swaps, before setting guidance at 40bp and 45bp, DCM bankers said.
Orders were 3.4x oversubscribed, enabling the trio to revise spreads to between 35bp and 38bp over mid-swaps. By launch, the sovereign issuer was set on the tighter side of guidance, or 35bp over mid-swaps.
Chile priced it
Investment grade issuer raises the equivalent of $1bn in Europe, marking the first LatAm sovereign to offer no new issue premium in 2018, sources say