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Government May Boost Offshore 2023 Bond Sales by $1b: Itaú

CHILE
  • Chile’s Finance Ministry could sell about $1b in bonds on top of the $15b already planned for this year after announcing last week that it planned to double dollar sales in the local market until Dec., according to Itaú economists. (BBG)
  • Itaú detailed that from its $15b bond sale plan approved for this year, Chile still has room to sell $2b in local currency denominated offshore bonds.
  • Foreign investors typically buy 40% of those sales, which means that they should lead to about $800m in dollar inflows to Chile.
  • “Considering persistent CLP revenue underperformance this year, the MoF could announce a complementary debt issuance plan of roughly $1 billion, on top of the $15 billion that has already been announced, without the need of requesting additional authorization from Congress”.
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