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Successful USD Issue Could Prompt Further Hard Currency Issuance This Year

CHILE
  • The Chilean peso is on the front foot at the open, with USDCLP dipping below 910 early on Monday. Having hit a high of 931.83 in the middle of last week, the Chilean peso rallied into the end of the week, buoyed by Hacienda’s announcement that it will resume USD sales and improving sentiment on the back of last week’s successful sovereign bond issuance.
  • Last week’s dollar bond sale was reportedly 7.5 times oversubscribed and was so successful that a number of analysts are considering the prospect that the Treasury returns to the market with further hard currency issuance later this year, despite it covering all its USD financing plans with this issue. BNP Paribas suggest that another liability management exercise of the front end of the curve may make sense, while BBVA note that Chile could issue in euros if their peso issuances do not pan out as expected.
  • In terms of domestic events to watch, Chile’s lower house finance committee will finish debate and vote on the government’s proposed overhaul to the nation’s privately-run pension system. Later this week, the results of the latest BCCh economist survey will be monitored on Friday ahead of the Jan 31 rate decision. Attention will be on whether analysts expect the central bank to accelerate the pace of easing from 75bp last month.
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