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Finance Ministry Selling $1.7 Billion in Dollar Bonds

CHILE
  • It has been reported that Chile’s finance ministry is offering $1.7 billion in notes due in 5 years. According to the latest information, the new issue will be at a spread of +85bps over similar US treasuries, compared to initial price talk of +120bps.
  • At the beginning of January, the finance ministry said that Chile will sell up to an equivalent of $16.5 billion in bonds in 2024 as part of its financing plan, 90% of which will be in local currency.
  • Confirming that today’s issuance is likely to fulfil that remit, one analyst at BBVA noted that “there were high expectations about a Chile issuance and it’s likely that the country is looking to cover its hard-currency obligations for the year.” The Finance Ministry previously noted they are seeking to reduce debt in foreign currency, which increased during the pandemic.
  • Full launch details from Bloomberg can be found here:
    • $1.7b 5Y Social Fixed (Jan. 22, 2029) at +85
      • Guidance +90a (+/-5), IPT +120 area
    • Issuer: Republic of Chile (CHILE)
    • Exp. Ratings: A2/A/A-
    • UOP: Invest an amount equal to the net proceeds from the sale of the notes into projects that may qualify as “eligible social expenditures” under Chile’s Sustainable Bond Framework
    • Settlement: Jan. 22, 2024 (T+3), Denoms: 200k x 1k
    • Bookrunners: BofA, HSBC, JPM, SOCGEN
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