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CHILE: Itaú Says 2025 Debt Financing Plan Enough To Cover Financing Needs

CHILE
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  • Itaú believes the MoF’s recently announced 2025 debt financing plan for a gross total of $16bn is enough to cover the 2025 financing needs and in line with their expectations. New financing accounts for roughly $11bn and amortisations for $5bn. Itaú expects the MoF to announce a local currency Q1 2025 calendar – including notes and bonds – in the near term, with issuances to begin in February, or earlier.
  • The announced plan is similar to 2024, even though the MoF’s 2025 nominal deficit forecast (1% of GDP) is significantly lower than last year (2% in the Q3 Public Finance Report). Regarding the currency composition, 70% is expected in local currency ($11.2bn) and 30% in foreign currency ($4.8bn), similar to last year. The foreign currency portion is slightly greater than Itaú expected and considers the $3.4bn issued earlier this month, adding an upside bias to their MoF dollar sales forecast of $6.8bn.
  • While the local currency maturities have yet to be announced, the plan will consider key benchmarks across the curve, with 55% in nominal bonds and 45% in inflation-linked instruments. The MoF will continue issuing sovereign ESG denominated bonds, consistent with its track record as a global leader in the matter. Finally, local currency bond buybacks and exchanges will continue this year, starting in Q2 and focused on bonds maturing in 2026.
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  • Itaú believes the MoF’s recently announced 2025 debt financing plan for a gross total of $16bn is enough to cover the 2025 financing needs and in line with their expectations. New financing accounts for roughly $11bn and amortisations for $5bn. Itaú expects the MoF to announce a local currency Q1 2025 calendar – including notes and bonds – in the near term, with issuances to begin in February, or earlier.
  • The announced plan is similar to 2024, even though the MoF’s 2025 nominal deficit forecast (1% of GDP) is significantly lower than last year (2% in the Q3 Public Finance Report). Regarding the currency composition, 70% is expected in local currency ($11.2bn) and 30% in foreign currency ($4.8bn), similar to last year. The foreign currency portion is slightly greater than Itaú expected and considers the $3.4bn issued earlier this month, adding an upside bias to their MoF dollar sales forecast of $6.8bn.
  • While the local currency maturities have yet to be announced, the plan will consider key benchmarks across the curve, with 55% in nominal bonds and 45% in inflation-linked instruments. The MoF will continue issuing sovereign ESG denominated bonds, consistent with its track record as a global leader in the matter. Finally, local currency bond buybacks and exchanges will continue this year, starting in Q2 and focused on bonds maturing in 2026.