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Government Completes 2024 Hard Currency Issuance Plans

CHILE
  • The Government kicked off its financing plan for the year yesterday with a $1.7bn issue of dollar-denominated bonds, maturing in five years. Earlier this month, the government announced its intention to issue $16.5bn in bonds in 2024, 90% of which would be in local currency. So, with this issue, the government has now covered its hard-currency issuance plans for the year. Itaú expect local currency auctions to begin between February and March.
  • Separately, the Chilean Copper Commission (Cochilco) is expecting Chilean copper production to grow at a slower rate this decade compared with last year's estimates, due to the delay of projects under construction, according to a Reuters report. Copper production is expected to peak in 2029, at 6.88mn metric tons, below the previously expected peak of 7.14 million tons in 2030. Nonetheless, Cochilco expect Chile to maintain its global production share at 25%.

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